Tod’s “quarter fulfills expectations”, but sales drop by 5,2%. Della Valle expects “to achieve excellent accomplishments in a timely manner”

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Tod’s sales have been decreasing, still “are fulfilling expectations”. In the first quarter, the revenues of the group, run by Diego Della Valle, reached 226,1 million euros (-5,2% at current rates of exchange and -1,8% at fixed rates of exchange). “Accomplishments achieved in the quarter have been fulfilling our expectations, but we know that still we cannot see the financial effects coming from the new implemented business model. Our work is consistent with our goals, formerly set: for our products we aim at top quality, as much as possible, also enhancing creativity”, remarked Diego Della Valle while expecting “to achieve excellent accomplishments in a timely manner”. Incomes have been heavily affected by currencies, especially with regard to Tod’s and Roger Vivier brands (more popular abroad). At fixed rates of exchange, Tod’s brand has been going up by 1,3%, therefore driving comforting messages for footwear. Hogan dropped by 5,2% because of a feeble Italian market. Roger Vivier decreased by 2,8%, with good results for leather goods though, whereas footwear dealt with some difficulties also owing to a very “summer oriented” supply, which is bound to be more profitable in the second quarter. Fay decreased by 12% because of the Italian wholesale business trend. Overall footwear revenues went down by 0,9% at fixed rates of exchange (-4,2% at current rates of exchange), while leather goods and accessories earnings dropped by 3,8% at fixed rates of exchange (-8,5% at current rates of exchange). The bad performance of the group stands out in the Italian market (-11,6%).

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