Tod's SpA (TOD.MI) said Thursday it will propose the payment of an extraordinary dividend of EUR3.5 a share after its net profit rose 21% in the first half of the year.

Chairman and Chief Executive Diego Della Valle said in a statement he expects the second part of the year to be better than the first half.

Tod's, best known for its eponymous brand of luxury handbags and footwear, said its first half net profit rose to EUR51.6 million from EUR42.6 million a year earlier.

First half revenue rose 5.2% on the year to EUR377.5 million, the company reported in July.

A shareholders' meeting will be held on Sept. 21 to approve the extraordinary dividend, the company said.

-By Chiara Vasarri, Dow Jones Newswires; 39 06 6976-6923; chiara.vasarri@dowjones.com
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