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Italy's Tod's confident it will deliver results in line with expectations
November 6, 2017 / 6:59 PM / 2 months ago

Italy's Tod's confident it will deliver results in line with expectations

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.

FILE PHOTO: People walk past a Tod's shop in downtown Rome, Italy February 10, 2016. REUTERS/Tony Gentile/File Photo

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.

    ($1 = 0.8614 euros)

    Reporting by Giulia Segreti

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