For its quarter ended March 31, the footwear and accessories company said sales increased 3% from first quarter 2012. Consolidated sales in its first quarter were down 3.7%.
The company said its operating profit fell 6.8% to 53.4 million euros ($69.9 million) compared with the first quarter of last year. Tod’s didn’t provide a net profit figure.
“Given the good results of our stores and a backlog of orders, I am confident that our group can reach a growth in sales and profit also in the current year,” said Diego Della Valle, chairman/ceo. “First-quarter results are in line with our expectations. A strong prudence in Italy has been partnered with a rapid international growth; significant attention has been given to the American and Chinese markets. I am confident that our group could reach a growth in sales and profit in the current year.”
Indeed as part of its expansion, Tod’s has continued to expand and register increases mostly in China and the Americas.
As of March 31, the company’s net financial position was positive and equal to 131.7 million euros (about $170.35 million), showing a 28 million euro ($36.22 million) increase compared to the balance as of the end of December 2012.
In the first quarter of 2013, Tod’s Group invested a total of 9.4 million euros ($12.15 million) in tangible and intangible fixed assets compared to 14.7 million euros ($19.01 million) in the first quarter of 2012.