Tod’s Gains on 2012 Forecast, 2011 Results That Beat Estimates
Tod’s SpA (TOD), the Italian maker of pink alligator loafers, surged in Milan trading after reporting 2011 profit that exceeded analysts’ estimates and forecasting “significant” revenue and earnings growth this year.
Net income climbed 24 percent to 135 million euros ($177 million) in 2011, the Sant’Elpidio a Mare, Italy-based company said today in a statement. The average of 12 analysts’ estimates compiled by Bloomberg was for profit of 130.8 million euros.
The shares climbed as much as 7.7 percent to 84.90 euros and traded at 83.15 euros as of 3:34 p.m. in Milan. The maker of Hogan and Roger Vivier footwear has advanced 32 percent this year, giving it a market value of 2.5 billion euros. Today’s intraday gain is the biggest since Aug. 26, 2009.
Sales at stores open at least a year climbed 7.1 percent on average in the first 11 weeks of 2012, Tod’s said. The company also proposed a dividend of 2.5 euros a share, up 25 percent on the previous year.
“Despite the challenging environment, I’m confident that the strength of our brands and the excellent appeal of our products will enable our group to post a significant growth in sales and profits also this year,” Tod’s Chairman and Chief Executive Officer Diego Della Valle said in the statement.
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