* Full-year sales 979.2 mln euros, vs 985 mln euros f'cast
* Sales in Italy drop 16 percent
* Analysts see scope for recovery in Italy in H2
* Double-digit growth in China and the Americas
(Adds detail on sales by country and brand, analyst note)
MILAN, Jan 29 Italian luxury leather group Tod's
posted a 0.5 percent rise in 2013 sales on Wednesday,
missing analyst estimates due to another steep fall in sales in
Italy, its main market.
The group which also owns the Hogay, Fay and Roger Vivier
brands, said revenue totalled 979.2 million euros ($1.34
billion) for the full year, compared with a Thomson Reuters
SmartEstimate of around 985 million euros.
The group, known for its Tod's-branded leather loafers
priced at around 300-400 euros a pair, said sales rose 1.7
percent at constant exchange rates.
Chief Financial Officer Emilio Macellari warned in November
that it would be hard to reach market consensus estimates for
full-year core earnings due to weakness in Italy.
Sales fell 16 percent in the group's home country, which
accounts for around 35 percent of its business, dragged down by
recession and the planned closures of unprofitable wholesale
However, analysts see scope for recovery later this year.
"As the customer base becomes homogeneous ... and as
possibly the situation in Italy and Europe ceases to deteriorate
further, the second half of 2014 should see a recovery in
wholesale," Deutsche Bank said in a note on Jan. 20.
Sales in Greater China surged 21.3 percent over the previous
year, coming to represent about a quarter of the company's
turnover. Revenue climbed 10.5 percent in the Americas.
Tod's said sales of its Roger Vivier brand jumped 52.5
percent, but fell 22.6 percent at Fay, which is the most exposed
of all its labels to Italy and the wholesale channel.
Tod's shares have been under pressure in January alongside
other Italian luxury goods stocks, due to fears of a slowdown in
the sector, and concerns it may be over-valued.
Its shares have fallen more than 9 percent since the end of
last year and dropped 1.8 percent on Wednesday, closing before
the results were announced.
The company reports detailed full-year results in March.
($1 = 0.7329 euros)
(Reporting by Isla Binnie; Editing by Susan Fenton)