ITALY: Tod's nine-month sales growth slows
- 9-month EBITDA up 3.7% to EUR199.5m
- Sales rose 7.3% to EUR749.9m
- Expects "significant" full-year growth
Italian luxury shoe maker Tod's SpA says it expects to post "significant growth" in its full year results after sales continued to rise in the third quarter.
The group, whose brands include Tod's, Hogan, Fay and Roger Vivier, does not report its quarterly results separately but today (14 November) said sales in the first nine months of the year rose 7.3% to EUR749.9m (US$955.8m).
However, this is slower than the 14.8% rise reported in the January to September period last year.
Earnings before interest, tax, depreciation and amortization (EBITDA) were up 3.7% to EUR199.5m, and with a 26.6% margin on sales.
Chairman and CEO Diego Della Valle said the company was adopting a "very cautious approach" in the Italian market given the country's tough economic situation and would be even more selective with its wholesale distribution there.
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