MILAN, March 12 (Reuters) - Like-for-like sales at Tod’s continued to fall in the first months of 2015, the Italian luxury group said on Thursday, blaming weakness in key markets such as Greater China, as it reported an in-line core profit for 2014.
Tod’s said in a statement same-store sales fell 10.6 percent in the first 10 weeks of 2015 at constant exchange rates, after a 7.1 percent drop in the whole of 2014. A positive currency impact, however, means that comparable sales were down 3.6 percent at current exchange rates.
“With the start of sales of the Spring/Summer season, the trend is positive and same-store sales growth is improving,” Tod’s said in a statement.
Tod’s said 2014 earnings before interest, tax, depreciation and amortisation (EBITDA) totalled 193.5 million euros ($205 million) last year, against an average analyst estimate of 193.7 million euros according to Thomson Reuters SmartEstimate.
Tod’s has been hit more than peers by a slowdown in Chinese consumer spending due to high reliance on lower-margin shoes. ($1 = 0.9427 euros) (Reporting by Valentina Za; editing by Agnieszka Flak)