By  on May 14, 2014

MILAN — The rationalization of its wholesale distribution in Italy and currency fluctuations continued to weigh on Tod’s SpA, which in the first three months registered a 13.3 percent drop in operating profits to 46.3 million euros, or $63.4 million, from 53.4 million euros, or $70.5 million, in the same period last year.

In the quarter ended March 31, earnings before interest, taxes, depreciation and amortization totaled 56.8 million euros, or $77.8 million, down from 63.6 million euros, or $84 million, dented by higher rental costs related to the increase in the number of group stores in Asia and higher labor costs as a result of a higher head count.

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