World Footwear

Companies

Geox speeds up in the third quarter

Dec 8, 2014 Italy
Geox speeds up in the third quarter
The company announced the results for its third quarter, with an increase of 16.0%, bringing consolidated revenue for the first nine months to a satisfactory growth of 8.1%

Mario Moretti Polegato, Chairman and Founder of Geox, commented on the results announced: "I am satisfied with the results for the first nine months, which show steady growth in revenues, up by 8.8% at constant exchange rates. The multi-brand channel is showing a rebound, as expected, with an increase of 13.1% in the third quarter and our direct stores have also put it an excellent performance with a comparable growth of 9.4% in the nine months. These results, which have been achieved despite uncertain consumer spending in certain markets, allow us to confirm the targets that we laid down for 2014, namely turnover of 800 million and the expected profitability.”

Geox present a solid performance, in all countries, with overall sales reaching 668.4 million euros in the first nine months of the year, up by 8.1% from the 618.1 million euros registered in similar period of 2013.

Footwear sales, which accounted for about 87.6% of consolidated sales, amounting to 585.4 million euros, increased 8.7% compared to the first nine months of 2013. Apparel sales, which represented 12.4% of consolidated sales, equal to 83.0 million euros, increasing by 4.6%. Sales in Italy, the group’s main market, which accounted for 33.8% of consolidated sales (32% in the nine months of 2013) amounted to 225.9 million euros, showing an increase of 13.6% compared with the same period of the previous year. Sales in Europe, which accounted for 44.1% of Group revenues increased by 8.5% to 294.8 million euros. North American sales amounted to 40.4 million euros, showing a decrease of 1.0%.

In the first nine months of 2014, sales of the DOS channel, which represent 37.8% of the group's revenue, grew by 24.1% to 252.6 million euros; with the improvement being mainly driven by new openings and by comparable store sales growth recorded  on DOS channel (+9.4%). Sales of the franchising channel, which account for 18.8% of the group's revenue, amount to 125.6 million euros, with an increase of 2.4% (3.8% at constant exchange rates). Multibrand stores  representing 43.4% of Group revenues (47.2% in the nine months of 2013) amount to 290.1 million euros, in line with previous year (-0.6% at effective exchange rates, +0.1% at constant exchange rates).

As of 30th September, the overall number of Geox shops was 1 248 of which 467 were DOS.  During the first nine months of 2014, 68 new Geox shops were opened and 119 have been  closed,  mainly  franchising  stores,  in  line  with  the rationalization plan of the DOS network.

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