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UPDATE 1-Tod's sees bright 2010 on U.S., Asia rebound
May 13, 2010 / 2:44 PM / in 7 years

UPDATE 1-Tod's sees bright 2010 on U.S., Asia rebound

* Q1 revs 208.1 mln euros vs 199 mln euros f‘cast

* EBITDA 48.7 mln euros, up 9.1 percent

* Shares up 0.4 percent

(Adds details, quotes, shares)

MILAN, May 13 (Reuters) - Italian shoe and bag maker Tod’s (TOD.MI) said it sees rising profits in 2010, confirming a recovery in luxury goods sales seen in the United States and Asia.

Tod‘s, best known for its soft-pebbled loafers and luxury handbags, said on Thursday revenue in the quarter was up 3.4 percent, above an average expectation of 199 million euros from seven analysts polled by Thomson Reuters I/B/E/S.

“I am very confident about the rest of the year and, even though I see high volatility on the markets, I think we could report further growth in revenues and profits in this fiscal year,” Chairman and Chief Executive Diego Della Valle said in a statement.

Sales grew 4.4 percent in Italy, the group’s leading market, but dropped 5.5 percent in the rest of Europe.

Tod‘s, which opened a new shop in Los Angeles in April, said the U.S was showing signs of recovery.

Tod‘s, along with France’s Hermes (HRMS.PA) and Louis Vuitton (LVMH.PA), is among several fashion and leather goods brands to have shown resistance to the luxury spending slump, as shoppers focus on well-established names.

Shares were up 0.4 percent after the results, outperforming Milan's broader index .FTITLMS. (Reporting by Antonella Ciancio; Editing by David Holmes)

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