Tod's vows better 2017 results despite 11% fall in core profits

Italian luxury group Tod's said on Tuesday its results would improve this year despite posting a 10.7 percent fall in 2016 full-year core profits due to falling sales in leather goods and accessories.

Earnings before interest, tax, depreciation and amortization (EBITDA) last year came in at 180.9 million euros, slightly above an analyst estimate of 179 million euros.

The Italian group said the EBITDA margin was 18 percent, down from 22.7 percent a year earlier.

The group, known for its Gommino loafers, proposed a dividend of 1.70 euros per share on 2016 results, down from the 2 euros paid the previous year.

"We remain highly focused on organic growth... and we are confident that we will reach an improvement of results starting from this year," Chairman and Chief Executive Diego della Valle said in a statement.