Tod’s sales up 6,2% in the first nine months of 2015
Italian luxury brand Tod’s reports that sales for the 9 months of 2015 totalled 787 million euros ($844 million) against an average 789 million euro ($846 million) Thomson Reuters analyst forecast.
Sales were up 6.2 percent from a year earlier, but rose only 0.6 percent when stripping out the impact of currencies. Sales had risen 8 percent in the first half – or 2 percent at constant currencies.
Tod’s said sales in Greater China, which accounts for more than a fifth of the total, fell 14 percent at constant currencies in January-September and were down 1.3 percent when factoring in the strength of the yuan.
The company said results in mainland China were positive but the weakness of Hong Kong weighed. Sales of Tod’s in Italy which represents its biggest market, rose 1.9 percent in the period.
The group’s same-store sales fell 6.1 percent at constant currencies in the 45 weeks to Nov. 8 due to weakness in August and September after a 5.6 percent drop in the period to Aug. 2.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were 160 million euros in the nine months, in line with forecasts and up 2.4 percent from a year earlier.