January 30, 2009 / 2:14 PM / 10 years ago

UPDATE 1-Tod's sees higher sales, profits in 2009

* 2008 sales up 7.7 pct at 707.5 mln euros ($909 mln)

* Sees good growth in 2008 net profit

* Expects growth in full-year 2009 sales, profits

(Adds further details)

MILAN, Jan 30 (Reuters) - Italian fashion and luxury company Tod’s SpA (TOD.MI) expects to increase its sales and profits in 2009 despite the uncertain outlook, Chairman and Chief Executive Diego Della Valle said on Friday.

In 2008 Tod’s sales rose 7.7 percent to 707.5 million euros ($909 million) on a reported currency basis, the company said in a statement on its preliminary data. On a constant currency basis sales were up 9 percent at 716.4 million.

“The last part of the year has contributed to the good results that we present today,” Della Valle said in the statement.

“Given the speed and efficiency of our group, I believe that such results will determine also a good growth in net profit,” he said.

In 2007, Tod’s reported a net profit of 78.7 million euros on sales of 657 million euros.

Looking ahead to 2009, Tod’s is seeing good signs in sales both in directly owned stores as well as in the wholesale sales channel, Della Valle said.

“Even considering the high level of uncertainty that limits visibility on results, I believe ... that our group can register a growth in sales and profit this year as well,” he said.

Tod’s shares were up 5.4 percent at 27.57 euros by 1331 GMT. (Reporting by Nigel Tutt; Editing by David Holmes) ($1=.7783 Euro)

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