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By
Reuters
Published
Jan 24, 2013
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Italy's shoemaker Tod's 2012 sales meet expectations

By
Reuters
Published
Jan 24, 2013

MILAN - Italy's luxury shoemaker Tod's said on Wednesday sales rose 7.8 percent in 2012 to 963.1 million euros ($1.28 billion), helped by a good performance in Greater China.

The results were roughly in line with a Thomson Reuters Starmine forecast for average sales of 966 million euros.

The maker of leather loafers has boosted its international footprint to reduce exposure to recession-hit Italy, where sales dropped 14.5 percent in the period.

"I am confident about 2012 group's net results, which I believe will be higher than the oustanding level reached the previous year," Tod's Chairman and CEO Diego Della Valle said.

Sales in Greater China accounted for about 19 percent of overall revenues in the year, the company said.

Sales in North America rose 31 percent while those in Asia and the rest of the world were up 48.7 percent.

Luxury stocks, including world number one and domestic peer Salvatore Ferragamo, have rallied since the start of the year on hopes of demand recovery in China but concerns remain about a deep slowdown in southern Europe.

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