Tod's like-for-like sales in first nine months drop by 14.6 pct

Italian luxury group Tod's on Monday reported an expected 14.6 percent drop in like-for-like store sales for the first nine months of the year, dragged by a fall in consumption by tourists and clients in Greater China.

The company added in a statement that like-for-like sales improved in September and the trend was continuing this month.

Sales in the first three quarters of 2016 fell by 3.7 percent to 757.7 million euros ($825 million) at current exchange rates, below an average of five analyst estimates of 766 million euros. At constant exchange rates sales were down 4.4 percent.

Chairman and Chief Executive Diego Della Valle said in a statement the group was on track with its strategic plan and it remained focused on organic growth of its stores.

"We are confident on the performance of the last part of the year and on the group's future results" he added. ($1 = 0.9184 euros)