November 6, 2019 / 5:25 PM / 6 days ago

Tod's sales fall 5%, weighed down by Italy, Hong Kong

MILAN, Nov 6 (Reuters) - Revenues at Italian luxury group Tod’s dropped 5% at constant exchange rates in the first nine months of 2019 as a weak domestic market and protracted turmoil in Hong Kong weighed on the shoemaker’s efforts to reverse a trend of falling sales.

Closely watched same-store sales fell by 4.7% in the period, signalling a small deterioration compared to the 4.5% drop in the first half of the year, the shoes and leather goods company said on Wednesday.

Overall sales decreased to 678 million euros ($750.6 million) at current exchange rates, broadly in line with an average analyst estimate of 676 million, according to a Reuters poll.

“Given the highly competitive context and considering our medium-term goals, we believe it is important to accelerate the investments necessary to support our top line growth,” Tod’s founder and top shareholder Diego Della Valle said in a statement.

“Assuming no further turbulence from the markets, we believe that we will soon be able to obtain the expected results.”

$1 = 0.9033 euros Reporting by Claudia Cristoferi, editing by Silvia Aloisi

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