Tod’s posts 4.7 percent drop in its nine-month sales

Italian luxury group Tod’s 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.

Tod’s 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.