Tod's has cut its dividend for its 2018 results to €1.00 per share from €1.40 as it suffered a decline in profitability. The company posted a gross operating profit, or Ebitda, of €118.3 million for last year, down from €160.5 million in the previous one, due to higher communication and marketing expenses and the strengthening of its design team. The net profit slumped to €47.1 million from €71.0 million. As previously announced, sales fell by 2.4 percent to €940.5 million (see Shoe Intelligence Vol. 21 n°3+4). The group added that it has reached an agreement to sell a building in Tokyo for €156 million. More in the next issue.