Geox nine months revenues up 4.3 percent

Geox consolidated revenues for the first nine months of 2016 increased by 4.3 percent to 739.3 million euros (805 million dollars) or 4.7 percent at constant forex. Footwear sales, which accounted for about 90 percent of consolidated sales, amounting to 668.9 million euros (728 million dollars), increased 4.6 percent or 4.9 percent at constant forex. Apparel sales, which represented 10 percent of consolidated sales, equal to 70.4 million euros (76 million dollars) were up 1.6 percent or 2.4 percent at constant forex.

Commenting on the company’s performance, Mario Moretti Polegato, Chairman and Founder of Geox, said, “Geox has closed the first nine months with a 4.3 percent increase in turnover. These results have been achieved thanks to the ongoing implementation of our strategic development plan. We are therefore even more focused on achieving maximum levels of efficiency, particularly with regard to manufacturing and retail management, in order to further boost performance and generate sustainable, profitable growth”.

Nine months results in detail

Revenues generated in Italy, representing 31 percent of the Group's total revenues were down to 231.2 million euros (251 million dollars), compared to 238.1 million euros (259 million dollars) in the same period last year owing to the planned rationalization of a number of mono-brand stores, which was offset by the positive performance of the wholesale channel, up 3.7 percent. Sales in Europe, which accounted for 44 percent of sales increased by 6.3 percent or 6.4 percent at constant forex.

North American sales increased 1.6 percent or 5.2 percent at constant exchange rates. Sales in other countries increased by 14.4 percent or 15.2 percent constant forex compared to the nine months of 2015.

Revenues generated by directly-operated stores recorded a 0.4 percent reduction at constant exchange rates. Sales of the franchising channel decreased 1.5 percent or 1.3% at constant forex. Wholesale stores revenues increased 11.3 percent or 11.6 percent at constant forex. As of September 30, 2016, the overall number of Geox Shops was 1,148 of which 452 DOS. During the nine months of 2016, 68 new Geox Shops were opened and 81 have been closed.

Picture:Facebook/Geox