MILAN — Tod’s SpA on Thursday reported a drop in first-quarter revenue and cast doubt on its ability to reach full-year analyst consensus targets for top-line growth and profitability.
During a conference call after results were published, chief financial officer Emilio Macellari said meeting full-year analyst consensus estimates would be “a bit challenging” in part due to increasing operating expenses the company will incur as it invests more resources in marketing and retail in order to “increase the visibility and desirability” of its products. In March, the company had said meeting a consensus of 3 percent top-line growth in 2019 was “reasonable and not particularly challenging.”
However, during the conference call Macellari said that, regarding consensus targets, much depends on how well the company performs in the second half, adding that “the initiatives we are implementing for the second half of the year can make the difference.”
Among initiatives the company hopes will help drive sales, chief executive officer Umberto Macchi di Cellere pointed to the capsule collection by designer Alber Elbaz for Tod’s, which will be in stores this summer. Macchi di Cellere said the No Code project was also “doing very well and is generating additional sales.” He added that, while

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