MILAN (Reuters) - Italian luxury group Tod’s (TOD.MI) said on Monday it was confident it would be able to deliver results “in line with market expectations”, after posting a worse than expected 4.7 percent drop in its nine-month sales.
The company, famous for its Gommino loafers, said sales in the first three quarters of 2017 fell to 722.2 million euros ($838 million), below a Thomson Reuters estimate of 737 million euros. At constant exchange rates sales were down 4.2 percent.
Tod’s said that like-for-like sales at its 272 directly-owned stores were down 2.7 percent from January to end-September.
The group said that it would replace current Chief Executive Stefano Sincini with a former Bulgari manager, Umberto Macchi di Cellere, starting from Dec. 1.
The company is holding an investor day on Tuesday.
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Reporting by Giulia Segreti