Italian shoemaker Tod's SpA 's (TOD.MI) Chief Financial Officer Emilio Macellari said Monday that double digit sales growth may be possible in 2011 and assuaged fears that Japan's tsunami and earthquake turmoil will have a significant impact on sales.

"All our stores are up and running, except the one in Sendai," Macellari said at a 2010 full-year results conference call, adding that Japan sales represent about 4% of consolidated sales for the luxury goods group.

Luxury goods stocks were under pressure Monday as investors worried about the effect the Japan earthquake and tsunami would have on luxury sales.

Burberry (BRBY.LN) sales sunk as low as 5.3% at 1112 pence, while France LVMH (MC.FR) shares dropped up to 4% at EUR105.60 Monday.

Italian luxury goods makers like Bulgari (BUL.MI) said that it was still too early to say how much the quake would impact sales, while offering no further comment.

In light of LVMH's move to take a majority stake in Bulgari, Macellari said that Tod's is "not looking for any outside help. I believe we have all the resources we need," he said.

Investors were positive on Tod's full-year earnings which beat expectations both in terms of its EUR2 a share dividend and net profit, sending the shares up 1.8% at EUR77.5 at market close, compared to an overall negative market.

-By Paola Longo of MF-Dow Jones Newswires and Sofia Celeste of Dow Jones; +39-06-6976-6923; sofia.celeste@dowjones.com
Tod`s (BIT:TOD)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more Tod`s Charts.
Tod`s (BIT:TOD)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more Tod`s Charts.