Italian shoe and bag maker Tod's said it sees rising profits in 2010, confirming a recovery in luxury goods sales seen in the United States and Asia.
Tod's, best known for its soft-pebbled loafers and luxury handbags, said on May 13 that revenue in the quarter was up 3.4%, above an average expectation of euro 199 million from seven analysts polled by Thomson Reuters.
‘I am very confident about the rest of the year and, even though I see high volatility on the markets, I think we could report further growth in revenues and profits in this fiscal year,’ chairman and chief executive Diego Della Valle said.
Sales in the first quarter grew 4.4% in Italy, the group's leading market, but dropped 5.5% in the rest of Europe.
Tod's, which opened a new shop in Los Angeles in April, said the US market was showing signs of recovery.
Source: Thomson Reuters
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