MILAN, May 9 (Reuters) - Italian fashion group Tod’s reported a 4.3 percent fall in first quarter revenues on Thursday, below analysts’ expectations, but its own retail channel returned to growth.
The shoes and leather goods company, known for its Gommino loafers, has repeatedly fallen short of market expectations in recent years and has struggled to rejuvenate its brands.
Tod’s said the growth in sales through its own store network was an affirmation of its strategy to focus on digital and more frequent collections and collaborations. But the result included sales from newly acquired e-commerce business Italiantouch.
Sales totalled 216 million euros ($242.52 million) in the quarter, down 4.3 percent. Excluding currency variations, the result was down 5.7 percent. Same-store sales fell 2.5 percent.
Analysts had expected total sales of 221 million euros, according to a Reuters survey.
“We think we have the right strategy and we need to speed up the execution to achieve the expected results,” Chairman and Chief Executive Diego Della Valle said. ($1 = 0.8906 euros) (Reporting by Claudia Cristoferi Editing by Mark Bendeich )