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Tod's first quarter revenues rise

Luxury goods maker Tod’s has reported an 8% rise in revenues to €263.2m (£211.2m) for the first quarter of this year, driven by strong sales in Asia and the US.

The Italian firm, which produces handbags and footwear, did not report net profits for the quarter ended March 31, but said EBITDA for the period rose 2.4% to €66.7m (£53.5m).

Operating profit climbed 2.4% to €57.3m (£45.9m).

Chairman and chief executive Diego Della Valle said that the business has been expanding in Asia and the US where the brand has been enjoying strong double-digit growth rates.

By product category, sales of footwear rose 8.3% to €195.9m (£157.2m). Leather goods, comprising handbags and accessories, grew 15.3% to €39.9m (£32m). Apparel sales dropped 3% to €27.2m (£21.8m).

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