Profit surged at Italian luxury leather goods maker Tod’s SpA last year.
For the year ended Dec. 31, 2010, the group, which owns such labels as Tod’s, Hogan and Roger Vivier, earned a net income of 109.1 million euros, or $152.7 million at current exchange, representing a 27 percent increase over 2009.
Earnings per share were 3.56 euros, or $4.98, up from 2.80 euros, or $3.92, a year ago.
Revenue for the year totaled 806.4 million euros, or $1.13 billion, an 11 percent increase over 728.6 euros, or $1.02 billion, in 2009.
In a statement, the group said strongest growth across all brands was seen in the second half. Roger Vivier sales grew the most, at 45 percent year over year. The Tod’s brand, which grew 17 percent, now makes up just more than half of total brand sales.
Sales of footwear, the group’s core business, grew 12 percent in the year. Handbags and accessories were a close second at 11 percent, while ready-to-wear grew 4 percent.
Diego Della Valle, president and CEO of Tod’s group, said in a statement that 2010 was a year of “excellent results, in terms of revenues, but even more so in terms of profitability.”
“Given the strong organic growth we are seeing in our retail channel and the positive signals we are registering in futures orders for upcoming fall/winter,” he said, “I am confident that our group will see excellent results in the coming year.”