Leading Italian luxury leather goods group Tod's yesterday reported a 28.5 per cent jump in first quarter earnings to 21.6 million euros compared to the year-ago period on the back of a 16.8 per cent rise in turnover to 105.2 million euros.

Commenting on the results, Tod#;s chairman and CEO, Diego Della Valle, said: "In the last few days we have seen an unjustified and unexpected slowdown in consumer spending and we are still not able to fully evaluate the effect on our sales.

"But the nature of our products and our development allow us to reiterate that we should still post growth at revenue and profit level this year."