January 24, 2018 / 5:02 PM / a month ago

Italy's Tod's sees benefits from new management starting in H2

MILAN, Jan 24 (Reuters) - Italian luxury group Tod’s said on Wednesday results from the company’s new management team would be visible staring from the second part of the year, though admitting 2018 will be a “year of transition.”

The group, known for its leather goods and Gommino loafers, said preliminary sales for 2017 were 963.3 million euros ($1.19 billion), in line with a Thomson Reuters analyst consensus of 965 billion euros.

Revenue was down 4.1 percent year-on-year at reported rates, it fell 3.1 percent at constant exchange rates.

The group has said that it would focus on more traditional and iconic products rather than more fashionable ones and that it was ready to short-term sacrifices for growth in the medium-term.

$1 = 0.8074 euros Reporting by Giulia Segreti; editing by Francesca Landini

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