MILAN — Strong gains in Asia and robust growth of the Tod’s brand and its footwear category helped parent company Tod’s SpA close 2011 with a 13.5 percent rise in sales to 893.7 million euros, or $1.24 billion at average exchange rates.
Chairman and chief executive officer Diego Della Valle stated that 2011 financial results “confirm the strength of our group, which has registered a solid double-digit growth even in a particularly challenging context.” The executive underscored the “excellent” performance in the U.S. and Asia.
“In light of the favorable quality of our sales, I have faith that profit results will also be excellent,” concluded Della Valle. The company is expected to release profit figures on March 13.
Revenues of the Tod’s label, the group’s cash cow, climbed 19.8 percent to 487.6 million euros, or $677.7 million. Sales at Hogan gained 4.7 percent to 280.9 million euros, or $390.4 million. The company said the performance was hurt by the fact that Italy is Hogan’s main market and thus reflected the country’s difficult economy. However, with the opening of the brand’s first stores in China in September, Hogan’s accelerated international expansion, and in Asia in particular, shows strong growth potential, according to the company.
Apparel brand Fay posted a 2 percent drop in sales to 87.8 million euros, or $122 million, attributed to a selective distribution strategy, mainly in Italy. The Roger Vivier label showed a 67.9 percent rise in sales to 36.5 million euros, or $50.7 million, “registering a further acceleration compared to the excellent growth in the preceding quarters.”
Per category, footwear gained 14.5 percent to 646.6 million euros, or $898.7 million; leather goods and accessories were up 17.6 percent to 144.9 million euros, or $201.4 million, and apparel grew 2.6 percent to 101.6 million euros, or $141.2 million.
All geographic markets showed double-digit growth, except for Italy, which gained 5.5 percent. Italy remains the group’s main market, with sales of 449.3 million euros, or $624.5 million. Sales in the rest of Europe rose 11.2 percent to 182.1 million euros, or $253.1 million, with a significant performance in Germany, the U.K. and France. The U.S. posted a 17 percent rise to 62.4 million euros, or $86.7 million. At constant exchange, sales would have climbed 21.4 percent. Sales in Asia and the rest of the world jumped 38.1 percent to 199.9 million euros, or $277.8 million, led by China and Hong Kong.
In 2011, retail sales grew 17.3 percent. At the end of December, the group counted 176 directly operated stores and 70 franchised units, compared with 159 directly operated stores and 71 franchised ones at the end of the previous year. Most of the openings took place in Asia, in China and Hong Kong, where the company now has 41 directly operated stores.
On Wednesday, Tod’s shares closed down 4.73 percent at 66.50 euros, or $86.50 at current exchange.
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