Italy's Tod's H1 core profits edge up to beat estimates

Core earnings at Italian luxury shoemaker Tod's edged up 0.1 percent in the first half of the year as sales growth accelerated in the second quarter after a weak start to 2015.

Tod's said earnings before interest, tax, depreciation and amortisation (EBITDA) in the six months through June were 103 million euros ($112.42 million), compared with an average analyst forecast of 95.5 million euros.

First-half sales rose 7.9 percent to 515.3 million euros, above analyst expectations of 500.5 million euros. At constant rates, sales rose 1.8 percent in the period after a 3 percent decline in the first three months.

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Chairman and CEO Diego Della Valle said he expected the group to achieve good results also in the second half.

Same-store sales in the first 31 weeks fell 5.6 percent at constant currencies -- an improvement compared to an 8 percent drop in the 19 weeks to May 10. ($1 = 0.9162 euros)