The head of upscale Italian footwear group Tod's SpA on Monday revealed his company is set for "heavy double-digit" profit growth.

CEO Diego Della Valle told Il Sole 24 Ore in an interview that most of the firm's nvestments have been paid off and sales growth will "make it seem like we've made an acquisition" within three years.

The company will report its 2002 earnings results at the end of next month but recently posted a 12.5 per cent rise in preliminary consolidated revenue for 2002 to 358.2 million euros from the year-ago period.