Italy's Tod's confident it will deliver results in line with expectations

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.

The company, famous for its Gommino loafers, 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.

The company is holding an investor day on Tuesday.