Tod's: decline in domestic demand offset by US and Asian sales
Italian footwear brand Tod's has posted a 13.7% rise in
net profit for the first six months of 2012. The growth was attributed to
strong Asian and US sales.
Profit for the first half totalled EUR74.4 million, with
sales rising 9.8% to EUR82.5 million.
Despite a 12% sales decline in Italy, sales grew 30% in
North America and more than 55% in Asia and the rest of the world, excluding
Europe.
Chairman and CEO, Diego Della Valle, said:
"Half-year results confirm the sound growth of our Group in sales and
profits. Consistently with our international expansion strategy, our group
continues to post outstanding results in the foreign markets, in particular in
Asian and US markets.
"We are maintaining, and we will continue to
maintain, the tight approach and the selective distribution strategy, which
allow us to closely monitor all the markets, in particular the domestic one.
"Considering also customers' increasing appreciation
for our products, thanks to their quality and their nature of timeless icons,
I’m confident that also the second half of the year will achieve good results
and I can confirm our expectations to post a significant growth also this
year."
