Nov 12, 2010
Tod's sees excellent 2011 results, shares up
Nov 12, 2010
MILAN (Reuters) - Italian luxury leather goods maker Tod's (TOD.MI) said it expected a pick-up in third-quarter sales of its loafers and handbags to continue into the final part of the year, boosting its shares to an all-time high.
Tod's luxury loafers
The world's fourth-biggest shoemaker by market value, which includes the Fay, Hogan, and Roger Vivier brands, reported on Thursday double-digit percentage growth in all markets where it is present, led by a 20.5 percent rise in Europe.
Shares in Tod's extended a recent rally, reaching an all-time high of 75.44 euros. They were up 1 percent at 1612 GMT, outperforming a 0.9 percent fall in Milan's broader index .FTITLMS.
The acceleration in sales was due to the success of Tod's autumn-winter collection, the company said.
"I am confident that we can post good results also in the final quarter of the year," Chairman and Chief Executive Diego Della Valle said.
"Based on the orders for the forthcoming summer collections, I believe our group will be able to turn in excellent results also in the next financial year," he added.
Sales in the U.S., where Tod's has potential to grow after Della Valle became the top shareholder in retail giant Saks (SKS.N) last month, were up 13.5 percent in the third quarter.
Della Valle's stake-building in Saks, in which he now has a 19.05 percent stake, has sparked speculation of a takeover.
Della Valle told Reuters in an interview on Wednesday he was not currently planning to raise his stake.
(Reporting by Lisa Jucca; Editing by Will Waterman)
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