Tod’s results fall short of expectations
Although Italian luxury footwear and leather goods manufacturer Tod’s, whose brands include Tod’s, Hogan, Fay and Roger Vivier, has reported a 14.7% rise in sales to reach €657 million ($972.9 million) in its unaudited 2007 results, the company failed to meet its profitability expectations for the year due to lower December sales and the strength of the euro.
“2007 sales results highlighted the strong success of the shoes collections, both under Tod’s and Hogan brand. Revenues growth over Christmas came below our expectations for leather goods and accessories [ ]. The profitability of 2007 fiscal year is expected to be above the results achieved in the first nine months, even if below our expectations, due to the deceleration of the retail sales in December and to the unfavourable exchange rates,” said chairman and chief executive Diego Della Valle. However on a more positive note, he added: “Finally, we are extremely satisfied to see that the growth of our group remains harmonic and well-balanced and that sales of the 2008 spring/summer collections are encountering very positive results for all the product lines.”
