January 24, 2018 / 5:12 PM / a year ago

Italy's Tod's sees benefits from new management starting in second half

FILE PHOTO: Tod's eyeglasses are seen at the Mido exhibition for glasses and eyewear products in Milan, Italy, February 28, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italian luxury group Tod’s (TOD.MI) said on Wednesday results from the company’s new management team would be visible staring from the second part of the year, though admitting 2018 will be a “year of transition.”

The group, known for its leather goods and Gommino loafers, said preliminary sales for 2017 were 963.3 million euros (843.40 million pounds), in line with a Thomson Reuters analyst consensus of 965 billion euros.

Revenue was down 4.1 percent year-on-year at reported rates, it fell 3.1 percent at constant exchange rates.

The group has said that it would focus on more traditional and iconic products rather than more fashionable ones and that it was ready to short-term sacrifices for growth in the medium-term.

Reporting by Giulia Segreti; editing by Francesca Landini

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