Shoemaker Tod's Q1 EBIT up 2.4 pct on strong US sales

MILAN Thu May 10, 2012 9:21am EDT

MILAN May 10 (Reuters) - Italian luxury shoemaker Tod's SpA reported on Thursday a 2.4 percent rise in first-quarter earnings before interest and taxes (EBIT) to 57.3 million euros, driven by strong growth in Asia and the United States that offset sluggish Italian sales.

"Asian and U.S. markets continue to develop successfuly, achieving excellent double-digit growth rates," Chairman and CEO Diego Della Valle said in a statement on Thursday.

"As expected and anticipated, given the current situation in our domestic market, we have been even more selective with our Italian distribution network, in order to preserve the positioning and exclusivity of our brands," Della Valle added.

The owner of the Hogan, Fay and Roger Vivier brands stuck to its target for higher revenue and profits in 2012.

Sales were up 8 percent to 263.2 million euros in the first three months of the year compared to the same period a year earlier, Tod's said. (Reporting by Michel Rose)

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