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By
Reuters
Published
Jul 23, 2010
Reading time
2 minutes
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Tod's H1 sales rise on shoes, retail

By
Reuters
Published
Jul 23, 2010

MILAN, July 22 (Reuters) - Italian luxury group Tod's (TOD.MI) turned in a 5.2 percent rise in first-half sales, driven by its shoes and bags, confirming a recovery in demand for luxury goods seen in the United States, Asia and Europe.

Tod’s
Tod's store, London


Tod's, best known for its soft-pebbled loafers and bags, said in a statement on Thursday sales were 377.5 million euros ($481.6 million). At constant exchange rates, sales rose 4.2 percent to 374 million euros.

"The Group's sales posted a strong acceleration in the second quarter, in particular in our stores", Tod's Chairman and Chief Executive Diego Della Valle said in the statement.

"(They) prompt us to expect the group to post good results in full year 2010," he said.

He had previously said he expected Tod's to report further growth in revenues and profits in 2010, despite seeing continued volatility on the markets.

Tod's is calling a shareholder meeting on September 30 to examine a proposal for an extraordinary dividend, it said, without further details.

Shares rose 2.61 percent to 57.2 euros at 1307 GMT, slightly overperforming Milan's broader index .FTITLMS. Tod's, for whom Oscar-winning actress Gwyneth Paltrow has modelled, said shoe sales, its core business, rose 8.3 percent.

Leather and accessory sales fell 2.4 percent, but were up 6 percent in the second quarter, while clothing sales fell 3.7 percent, driven by lower-priced Hogan brand.

Sales of Tod's brand rose 8.4 percent. The group's Hogan brand sales grew 4.2 percent while Fay sales were down 11.0 percent.

By region, sales were up 3.4 percent in Europe -- excluding Italy -- boosted by a strong performance at the company's own stores. Sales in North America grew 11.2 percent. They rose 1.6 percent in Italy, and were also up in Asia and the rest of the world. This week, French luxury goods group Hermes (HRMS.PA) lifted its full-year target on the back of better-than-expected second-quarter figures, helped by consumer's rebounding appetite for its handbags and perfumes.

(Reporting by Antonella Ciancio, Editing by Samia Nakhoul)

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