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TOD'S net income up by 16.9%
Sep '08
The Board of Directors of Tod's S.p.A., the Italian company listed on the Milan Stock Exchange and holding of the luxury goods group of the same name operating in luxury shoes,leather goods and apparel with the Tod's, Hogan, Fay and Roger Vivier brands, approved the Group's H1 2008 results.

As already reported at the end of July, H1 2008 consolidated turnover, calculated at constant exchange rates, meaning by using H1 2007 average exchange rates, was 355.1 million Euros, showing a 12.2% increase as compared to the first half of 2007.

At constant exchange rates, EBITDA was 81.8 million Euros, corresponding to a 23% margin on sales (with a 70 bps improvement versus H1 2007 EBITDA margin). EBIT was 66.9 million Euros, showing a 18.8% margin on sales.

H1 2008 profits posted a significant growth as compared to H1 2007 figures, confirming the effectiveness of the Group's strategy, which allowed an improvement of the operating profitability, even in a very challenging macro-economic environment.

Breakdown of Consolidated Sales by Brand: growth for all the brands:
In the first half of 2008, Tod's revenues were 180.8 million Euros; at constant exchange rates, the growth was 7.7%,showing a strong acceleration as compared to the first quarter of the year.

Also Hogan posted a further improvement of the excellent results achieved in the previous months; in the semester, its revenues were 117.1 million Euros and posted a 24.4% growth at constant rates.

Fay sales were 38.8 million Euros in the first half of 2008; this turnover is aligned with the corresponding figure of H1 2007, when the brand's revenues grew by 30.6% versus H1 2006.
Finally, Roger Vivier sales were 9.1 million Euros; the approx. 35% growth, at constant exchange rates, is very outstanding, even if is not fully meaningful, due to the still low volumes, on the one hand and the start-up phase of this prestigious brand of luxury shoes and accessories, on the other hand.

Breakdown of Consolidated Sales by Product: outstanding growth for shoes:
Revenues from shoes were 242.2 million Euros in the first half of 2008; at constant exchange rates, the sales growth was 17.7% and confirms the continuous increase of the Group's brands' market shares.

In line with the management expectations, revenues from leather goods and accessories showed an improvement as compared to the first quarter of the year (-0.7% in H1 2008 versus -2.8% in Q1 2008, at constant exchange rates). In the first half of 2008, sales were 65.4 million Euros.

While the Pashmy line of bags is starting to achieve good results, the performance of higher priced leather bags was more influenced by the still challenging macro-economic environment. Finally, revenues from apparel were 39.1 million Euros, posting a 6% growth in the first half of 2008.

Breakdown of Consolidated Sales by Region: growth of sales volumes in all the Group's markets:
In the first half of 2008, revenues on the domestic market were 182.1 million Euros, showing a 17.3% growth versus the first six months of 2007.

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