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MILAN, May 5 (Reuters) - Italian luxury goods group Tod’s posted on Friday a slightly bigger-than-expected 4.4 percent drop in first-quarter revenue hit by shrinking sales in its home market and the Americas and weakness in its core shoe business.
Tod‘s, famous for its Gommino loafers, said first-quarter revenue totalled 238.5 million euros ($262 million), below a Thomson Reuters consensus estimate of 248 million euros and down 5 percent from a year earlier at constant currencies.
Revenues in Italy, its biggest market, fell 8.7 percent in the period, while Greater China saw a 3.6 percent rise in sales despite ongoing weakness in Hong Kong.
Shoe sales dropped 5 percent despite the strong performance of the Roger Vivier brand. Tod’s said same-store sales fell 3.2 percent in January-March in an improvement after a 12 percent drop in the whole of 2016. ($1 = 0.9095 euros) (Reporting by Valentina Za; editing by Agnieszka Flak)