Italy-based luxury group Tod’s has expressed hope to get positive outcome in 2017 after fall in sales of leather goods and accessories in 2016. The retailer posted a 10.7 per cent fall in full-year core profits last year.
The company’s EBITDA stood just Euros 180.9 million slightly above an analyst’s estimate of Euros 179 million. The EBITDA margin was 18 per cent, down from 22.7 per cent a year earlier.
Total revenue in the year 2016 dropped by 3.2 per cent at current exchange rates. Sluggishness in the US and Chinese markets coupled with reduced sales of leather goods as well as shoes led to revenue plunge for the group last year.
Also Read – Tod’s revenue plunges in 2016
“We remain highly focused on organic growth… And we are confident that we will reach an improvement of results starting from this year,” Diego della Valle, Chairman and Chief Executive, Tod’s was quoted as saying in a statement.
