ITALY: Tod's expecting FY profit after 9% sales growth
Italian fashion company Tod's is expecting "sound" growth in full-year profit after seeing sales rise across all its brands.
The company, which sells luxury shoes, leather goods and apparel under the Tod's, Hogan, Fay and Roger Vivier brands, said sales for the year rose 9% to EUR716.4m (US$921.5m).
At reported rates, revenues were up 7.7% to EUR707.5m.
By brand, Tod's full-year revenues were up 2.6% to EUR356.6m, Hogan rose 19.6% to EUR238.7m, and Fay sales rose 3.7% to EUR93.3m. Roger Vivier grew 5% to EUR16.8m.
Revenues from shoes totalled EUR485.6m, up 13.7% over 2007, while sales from leather goods and accessories fell 7% to EUR126.6m. Revenues from apparel totalled EUR94.5m in full year 2008, posting a 5.9% growth, the company reported.
European sales increased 1.4% to EUR161m, the company said, while the US market saw a slowdown in the last months of the year which pushed full-year revenues down 3.3% to EUR59.1m.
During the period Tod's opened its first three locations in India (New Dehli, Mumbai and Bangalore), as well as 17 new stores in China.
Diego Della Valle, chairman and CEO, said: "Thanks to the slimness and efficiency of our group's structure, I believe that these [positive sales] results will be reflected into a sound net income growth."
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