At reported rates, Group revenues totalled €226.1 million in the first quarter. Revenues from shoes stood at €188.6 million (-0.9%) at constant exchange rates, while sales of leather goods and accessories totalled €31.1 million (-3.8%). All categories considered, sales declined -5.2% on a reported basis (-1.8% at constant rates) in the quarter.

Sales of the Tod’s brand amounted to €124.6 million, up +1.3% from Q1 2017, with “positive signs for shoes, which recorded growth in the quarter”. The brand achieved growth in all geographical areas, with the exception of the home market of Italy. Hogan revenues totalled €56.3 million (-5.2%) at constant rates, with the decline also attributed to “the difficulty of the Italian market.” However, the Group says double-digit growth was recorded for the brand in Europe and in China.

Sales of Roger Vivier totalled €40.2 million (-2.8%) in the quarter. “The results for leather goods were positive, while shoes were affected by a very challenging comparison base and a very ‘summer’ type of product, which we think will register much better results in the second quarter”, said Tod’s. Sales of the Fay brand totalled €12.8 million, representing a -12% decline compared with the same quarter in 2017; attributed to “the weakness of the domestic market, mainly in the wholesale channel”.

Diego Della Valle, Chairman and CEO, Tod’s, said the results were in line with the Group’s expectations and he remains positive for the second quarter as the Group is “working hard” for the implementation of a new plan. “We are transitioning to a new omni-channel model, aimed at connecting seamlessly both our stores and our fast-growing e-commerce. We are strengthening the marketing and communication teams, to effectively seize all the new opportunities arising from the digital arena”, said Della Valle.