Tod's said after the market close on Tuesday that net profit fell 8 percent to 134 million euros ($186 million) last year, against a Thomson Reuters SmartEstimate of 139 million euros, and said like-for-like sales fell at the beginning of 2014.

Shares were 4.2 percent down on the day, at 95.10 euros, at 0808 GMT against a flat Italian all-share index.

J. P. Morgan analysts cut their price target for the stock to 99.20 euros from 102 euros on Tuesday, with a "neutral" recommendation, and said in a note:

"Tod's is the company we cover that has the most Sell recommendations from both buy-side and sell-side analysts but these numbers will unlikely turn its fortunes around for now. The macro and currency environment is tough and volatile but Tod's has been underperforming peers of late."

(Reporting by Isla Binnie)