March 12, 2020 / 6:14 PM / 24 days ago

BRIEF-Tod's says Q1 won't be positive due to coronavirus but hard to predict Q2

March 12 (Reuters) - Tod’s SpA, CFO Emilio Macellari and CEO Umberto Macchi Di Cellere told analysts in post-results conference call:

* TOD’S CFO SAYS DIFFICULT TO ASSESS IMPACT OF CORONAVIRUS ON BUSINESS; EFFORTS ON CORE BUSINESS, INVESTMENTS LIMITED TO ESSENTIAL ACTIVITIES

* DELLA VALLE FAMILY HAVE NOT RAISED STAKE IN COMPANY IN LAST FEW WEEKS, HAVE AROUND 71% OF SHARE CAPITAL, THEY ARE BUYERS AND NOT SELLERS BUT AS OF NOW THERE ARE NO PLANS TO INCREASE STAKE-CFO

* GROUP IS LIMITING INVESTMENTS AND EXPENSES TO WHAT IS OF IMMEDIATE NECESSITY, ALSO LIMITING STORE OPENINGS AND RENOVATIONS

* GROUP HAS GOOD NETWORK OF OUTLETS TO RELY ON FOR UNSOLD STOCK, HAS NOT YET TAKEN DECISION ON DISCOUNTING POLICY

* HAD TO SHUT MORE THAN HALF OF SHOPS IN CHINA DUE TO CORONAVIRUS, OTHER REGIONS WERE NOT SO BAD, Q1 WON’T BE POSITIVE BUT LET’S SEE WHAT HAPPENS Further company coverage: (Reporting by Claudia Cristoferi)

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