“The first half of 2025 continues to be affected by challenging overall market conditions. Macroeconomic indicators confirm that consumer spending remains weak, constrained by low confidence levels and a resulting significant decline in demand”, reads the company’s statement.

In the first half of the year, Geox reported consolidated sales of 305.3 million euros, a 4.7% decrease (or 4.9% at constant exchange rates), on a comparable basis to the same period last year. Excluding the impact of the closure of the Chinese and US subsidiaries in 2024, sales fell by 1.9%.

In the second quarter alone, sales totalled 116.3 million euros, reflecting an 8.3% year-on-year decline. Excluding the impact of the subsidiaries mentioned, sales declined by 4.9%.

Distribution Channel

In the six months to the end of June, Geox’s wholesale sales decreased by 5.6% (or 5.7% at constant exchange rates) to 100.6 million euros, as compared to the same period in 2024. Excluding the impact of the closure of the Chinese and US subsidiaries, wholesale sales fell by 4.2%. The company added: “This performance reflects a lower order intake for the SS25 collection compared to the previous year (SS24)”.

Geox’s retail sales also declined by 2.1% (or 2.2% at constant exchange rates) to 124.1 million euros, on a comparable basis to the first half of last year. Excluding the impact of the closure of the Chinese and US subsidiaries, sales fell by 0.2%.

Overall, the number of stores directly operated decreased from 249 in June 2024 to 238 in June 2025 and the number of franchised points of sale fell from 153 to 126 during the same period.

Finally, sales through digital channels (including the owned website and both directly managed and wholesale marketplaces) declined by 7.4% year-on-year in the first half of 2025. Excluding the closure of the Chinese and US subsidiaries, the decrease was just 1.7%. “The positive performance of the owned website was not sufficient to offset the lower order volumes from wholesale web platforms”, reported Geox.

Region

In the first half of the current fiscal year, sales in Italy contributed 90.4 million euros to the company’s total sales, reflecting a 1.6% increase on a comparable basis to the same period in 2024. This increase was driven by strong performances in the retail and digital channels, which offset weaker results in the wholesale channel. In contrast, sales in Europe (Austria, Benelux, France, Germany, the UK, Iberia, Scandinavia and Switzerland) declined slightly by 1.1% year-on-year to 144.7 million euros in this period.

Geox’s sales in Other Countries in the first half of 2025 totalled 70.1 million euros, a decrease of 17.5% (or 17.8% at constant exchange rates), as compared to the same period in 2023, due to negative performances in the wholesale and direct channels.

This decrease mainly reflects the exclusion of sales from the United States and China (around 9 million euros in the first half of 2024) and weaker performance in Russia and neighbouring regions. This was partly offset by growth in Canada (up by 14.5%) and the MEA region (up by 18.6%).

Product Category

In the first six months of the year, footwear sales accounted for 280.6 million euros of the company’s total sales, marking a 6.8% year-on-year decrease (or 4.0% at constant exchange rates). Meanwhile, apparel sales declined by a sharper 13.6% year-on-year (or 14.0% at constant exchange rates) to reach 24.6 million euros

Operating Performance

“Despite this context, we remain fully focused on executing the initiatives outlined in our Industrial Plan, maintaining a rigorous approach centred on the most profitable markets, process optimization, and cost control. These actions are delivering the expected results in terms of operating margin and reinforce our confidence in achieving the targets set for the first year of the plan”, said the company.

Despite a total sales decline of 15 million euros in the first half of the year, the gross margin remained stable at 51.2%. Consequently, the absolute gross margin decreased by around 7.7 million euros, reflecting the lower overall sales volume.

In response to these dynamics, Geox continued its efforts to contain costs, achieving savings of around 13.8 million euros in the first half of 2025 compared to the same period last year.

The company’s adjusted EBIT amounted to 0.6 million euros, “marking a significant improvement” from the negative result of 5.5 million euros recorded in the first half of 2024. Net result was negative at 3.1 million euros, as compared to 15.4 million euros in the first half of 2024, although impacted by extraordinary costs related to the ongoing transformation process.

Geox highlighted that, during the semester, the first tranche of the 30 million euros capital increase defined in the Refinancing Plan was successfully completed, with full subscription from its shareholders.

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