Core profits at Italian luxury shoe and bag maker Tod's climbed 12 per cent in the first nine months of the year the company said in a statement. But it added its bottom line was hit by a massive tax bill and a comparison against last year's IPO boost.

Earnings before interest, tax, depreciation and amortisation totalled 72.8 million euros, on group turnover of 285.3 million euros, up 10.3 per cent. But net profit fell six per cent to 30.1 million euros, partly hit by a 41.8 per cent tax bill.

"The results confirm once more that the group can keep up an excellent performance despite the on-going economic crisis and the ever more distant prospect of the world economy picking up," Tod's chairman and chief executive Diego Della Valle said.

The company said it hopes to have 70 directly owned stores by the end of the year, from 65 at the end of September.