ITALY: Tax Hikes Hit Tod's H1 Results
Upscale shoe and leather goods group Tod's on Wednesday reported a 17.3 per cent year-on-year plunge in first half net profit despite a jump in turnover.
The company cited higher taxes and unusually strong year-ago results for the fall but said pre-tax profit fell 1.5 per cent to 22.7 million euros from the year-ago period and added turnover climbed 14.2 per cent to 167.1 million euros.
Sales in Tod's core footwear business rose 6.6 per cent to 123.8 million euros while sales of other leather goods jumped 40.3 per cent to 27.3 million euros.
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