World Footwear

Companies

Geox reports solid performance

Nov 22, 2021 Italy
Geox reports solid performance
The Italian brand announced revenue of 463.5 million euros in the first nine months of 2021, which reflects the positive impact of the gradual reopening of stores since the second quarter
“Revenues for the nine months showed solid growth compared to last year thanks to the gradual reopening of commercial distribution. People's movements are also partially gradually increasing, and only international tourism continues to remain well below pre-Covid level. Caution is still the order of the day, however. In fact, if on the one hand the level of infections and the health situation have shown a general improvement in the main Western European countries and in North America (...) on the other hand there has been a recent increase in infections, first in some areas of South-East Asia and then in Eastern Europe, characterized by a low vaccination rate, with the reintroduction of temporary lockdown measures, for example in China, Vietnam and Russia”, said the company.

In the first nine months of 2021, Geox’s consolidated revenue increased by 7.8% (by 8.9% at constant exchange rates), totalling 463.5 million euros, on a comparable basis to the same period last year.

Sales by distribution channel

Wholesale revenue grew by 13.3% (at both current and constant exchange rates) in the first nine months of fiscal 2021, reaching 250.9 million euros, representing 54.1% of the group’s total revenue, as compared to revenue of 221.5 million euros in similar period of the prior year.

During the first nine months of fiscal 2021, sales from the franchising channel were responsible for 7.6% of Geox’ total revenue, amounting to 35.4 million euros. Revenue generated from directly operated stores (DOS and online), which equalled 38.2% of group’s total revenue, totalled 177.1 million euros, increasing by 1.4%, as compared to the same period of 2020.

Sales by geographic region

In the first nine months of the current year, sales in Italy, responsible for 24.1% of the group’s total revenue, increased by 9.4%, totalling 111.8 million euros, as compared to 102.3 million euros in the same period of 2020. Geox highlighted that the performance in Italy benefited from a lower percentage of stores closed. Over this period, revenue generated in Europe*, which corresponded to 45.0% of the Group’ total revenue, rose by 3.3%, reaching 212.8 million euros, as compared to 205.9 million euros in similar period of the previous year.

North America region reported revenue growth of 4.2% (of 5.3% at constant exchange rates) to 19.1 million euros in the first three quarters of 2021, on a comparable basis to revenue of 18.3 million euros in the same quarters of 2020.

In the first nine months of 2021, other countries region sales generated 119.7 million euros, increasing by 15.9% (by 20.5% at constant exchange rates), as compared to the same nine months of last year. The company reported a decline in the Asia Pacific area, mostly as a result of the reorganization undertook in Japan, which led to the closure of the branch and the transferring of the business to a distributor with effects from 2022. Sales grew by 6.9% in China and by 23% in Eastern Europe.

Sales by product category

Footwear sales represented 91.4% of consolidated revenue in the first nine months of fiscal 2021, totalling 423.7 million euros, which represents an increase of 9.9% (10.9% at constant exchange rates), on a comparable basis to the same period of 2020. Apparel sales declined by 10.1% (by 8.5% at constant exchange rates) over the same period, reaching 39.8 million euros, as compared to similar period last year.


*Europe includes: Austria, Benelux, France, Germany, UK, Iberia, Scandinavia, Switzerland


Image Credits: the fashionisto.com




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