Italian luxury goods firm Tod's Group reported a 6.7 percent drop in sales on currency fluctuations and revenue from Greater China.
report for the financial community before the company goes private, the Italian luxury goods maker reported a 6.7 percent year-over-year drop in sales.
Sales were pulled down by declines in the shoe category, a drop in revenue from Greater China and a negative foreign exchange impact in the first quarter of 2024. For the quarter, the company posted 252.3 million euros in sales, down from 270.5 million euros in the prior-year period. affiliate, had reached an aggregate stake greater than 90 percent of the share capital, the threshold necessary for the company’s delisting.“The impact of currencies was negative; at constant exchange rates, i.e.
By category, shoes slid 8.3 percent, leather goods and accessories fell 3.7 percent and apparel outperformed, rising 4 percent.“We are pleased with the reception customers have shown for the collections now in store and the excellent response to the new shoes, leather goods and accessories projects presented for the upcoming fall season,” the company said.
Geographically, Greater China was impacted by a sharp drop of store traffic and weak consumption, plummeting 24 percent, followed by the Rest of the World category, down 5.8 percent, despite good results form Japan and the Middle East. The America’s category bucked the trend up 19.6 percent, while the rest of Europe was up 5.1 percent, helped by solid tourist purchases and local demand. Tod’s retail sales plunged 8.9 percent, while wholesale was down 1.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Caitlin Clark Lands Historic $28 Million Shoe Deal with Nike That Includes Signature Shoe: ReportsCaitlin Clark reportedly landed a historic deal worth $28 million over 8 years with Nike, which will include her own signature shoe
Read more »
Home Depot's sales soften in 2024 as inflation, delayed start to spring weigh on salesHome Depot's sales continued to soften in the first quarter as the nation's largest home improvement retailer was not only constrained by high mortgage rates and higher inflation for its customers, but it also had to deal with a delayed start to spring.
Read more »
Fossil Group Sees First-Quarter Revenues Slide After a Dismal 2023Fossil Group saw sales drop $100 million after discontinuing its smartwatch sales and closing underperforming stores.
Read more »
Group sales incentives boost weak brand sales, study findsNew research co-authored by a UC Riverside business professor provides some sound advice for managers of retail outlets that limit their product selection to a particular brand: Managers should factor in the strength of their brand when structuring the pay incentives for their sales staff.
Read more »
Liquor sales in movie theaters, to-go sales of cocktails included in New York budget agreementNew York would expand access to booze under a series of measures unveiled on Thursday as part of a larger state budget agreement
Read more »
Liquor sales in movie theaters, to-go sales of cocktails included in New York budget agreementNew York would expand access to booze under a series of measures unveiled on Thursday as part of a larger state budget agreement. Movie theaters in New York are only allowed to sell beer and wine, but this new legislation would add liquor to the mix.
Read more »