×
1 119
Fashion Jobs
HOMEGOODS
Loss Prevention Detective
Permanent · Countryside
TK MAXX
10933-Loss Prevention Officer Sth Ruislip
Permanent · Ruislip
TK MAXX
10933-Loss Prevention Officer Haringey
Permanent · London
ESTÉE LAUDER
Aveda Haircare Category & Marketing Planning Manager
Permanent · London
ESTÉE LAUDER
Mac - Area Sales And Education Manager - London - Maternity Cover
Permanent · London
RALPH LAUREN
Operations Manager - Gretna
Permanent · Gretna
LUXURY RECRUIT
Head of Digital - Luxury
Permanent · LONDON
LUXURY RECRUIT
Brand Director - Luxury
Permanent · LONDON
LEVI'S
Mobile App Trading & Operations Manager
Permanent · London
BLACK PR
Sales Account Manager
Permanent · LONDON BOROUGH OF HACKNEY
ESTÉE LAUDER
Clinique - Consultant - Boots, Inverness - 18 Hours - Part Time, Permanent
Permanent · Inverness
RELY RECRUITMENT
Head of Finance / Finance Manager
Permanent · LONDON
LEVI'S
Performance Marketing Manager
Permanent · London
ESTÉE LAUDER
la Mer - Business Manager - Bentalls, Kingston - 22.5 Hours / 4 Days - Part Time, Permanent
Permanent · Kingston upon Thames
SHISEIDO
Ecommerce Manager - Nars, Shiseido & Drunk Elephant
Permanent · London
VANS
Account Coordinator - Dutch Speaking - Vans
Permanent · NOTTINGHAM
ESTÉE LAUDER
The Estée Lauder Companies - CRM And Loyalty Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Bluewater - 25.5 Hours - Part Time, Permanent
Permanent · Dartford
ESTÉE LAUDER
Clinique - Consultant - Boots - Metro, Gateshead - 21 Hours - Part Time, Permanent
Permanent · Gateshead
ESTÉE LAUDER
Director, Global Social Marketing
Permanent · London
ESTÉE LAUDER
Tom Ford - Business Manager - John Lewis, Milton Keynes - 37.5 Hours, Days - Full Time, Permanent
Permanent · Milton Keynes
SHISEIDO
Nars Account Manager, Fenwick Bond Street (37.5 Hours)
Permanent · London
By
Reuters API
Published
Nov 8, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tod's shares wrongfooted as sales slide goes on

By
Reuters API
Published
Nov 8, 2018

Shares in Italian shoes and leather goods company Tod's fell 11 percent on Thursday after the group said sales were still falling and its turnaround was taking longer than envisaged.




Like-for-like sales last month at the group famous for its Gommino loafers were in line with the trend of the previous nine months, which recorded a 2.1 percent fall, suggesting a return to same store sales growth in the fourth quarter may be at risk.

"In the absence of a meaningful inflection point in the top line, we remain sceptical about Tod's turnaround," Berenberg analysts said in a note.

Berenberg, Kepler Cheuvreux, UBS and Mediobanca all cut their target price on the stock after the results, which were released late on Wednesday.

The stock was down 11.1 percent at 48.70 euros by 1129 GMT after earlier hitting 48.40 euro, its lowest level in two years.

Chairman Diego Della Valle last month denied speculation about a possible sale of the group, 60 percent owned by his family and valued at around 1.6 billion euros (1.3 billion pounds).

Chief Financial Officer Emilio Macellari told analysts market expectations for full-year revenues were "feasible but challenging" as visibility on the fourth quarter was limited.

Analysts had been forecasting 2018 sales of around 960 million euros but several already said they might review their forecasts after the third quarter. For January-September Tod's posted sales of 706 million euros.

The company had said earlier this year that a new strategy focussed on more collections and classic looks would yield results from the second half of 2018.

But on Wednesday, Macellari said the turnaround strategy was taking longer than expected, although there were some positive signs already and the response to initial products by new designer Gherardo Felloni was "very good".
 

© Thomson Reuters 2022 All rights reserved.