World Footwear

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Geox with 25% growth in net income

May 25, 2015 Italy
Geox with 25% growth in net income
Italy-based company closed the first quarter announcing an excellent set of results. Turnover increased by 5%. Net income grew by 25%
Mario Moretti Polegato, Chairman and founder of Geox, commented: “The results for the first quarter of 2015 are positive in terms of turnover, which has grown by 5%, but even more so in terms of earnings, with an increase in net income of 25%. This growth is in line with our expectations as far as the multi-brand channel is concerned, but I am also satisfied with the comparable sales of our directly operated mono-brand stores (+4.8%) that have performed even better than the performance achieved in the first quarter of last year that was already exceptional (+20%) (…) In a market environment that remains volatile, I am satisfied with the results that we are obtaining as they will allow the Group to achieve further growth in 2015 both in terms of turnover and earnings. This confirms the strength of our medium-term strategy, which aims for sustainable, durable and profitable growth by combining the competitive advantage of our technology and patents, which are the essence of Geox and the main strength of the brand, with the ability to offer the market a contemporary product that customers want, with a focus on distribution while seeking to achieve maximum operational efficiency”.

In the first quarter of 2015 Geox consolidated net sales, increasing by 4.7% (2.5% at constant exchange rates) compared to similar period in 204, and reaching 281.0 million euros.

Footwear sales, which accounted for about 90% of consolidated sales, totaled 252.8 million euros, increasing 9.0% compared to first quarter of 2014. Apparel sales, which represented 10% of consolidated sales, equaled 28.2 million euros (compares to 36.5 million euros in the first quarter last year).



Sales in Italy, the group’s main market, which accounted for 36% of sales, in line with the first quarter in 2014, amounted to 100.5 million euros showing a 3.2% increase compared with similar period last year. Sales in Europe, which accounted for 43% of sales increased by 3.2% to 119.7 million euros, compared with 116.0 million euros in the first quarter of 2014.

North American sales amounted to 14.2 million euros, reflecting an increase of 15.8% (+1.9% at constant exchange rates). Sales in Other Countries increased by 8.8% compared to the first quarter of 2014 (+1.1% at constant exchange rates).

Sales of the DOS channel, which represent 30% of Group revenues, grew 10.9% to 85.6 million euros compared to the first quarter in 2014.Sales of the franchising channel, which account for 20% of the group's revenues, amount to 56.3 million euros, with a decrease of 3.9%. Multibrand stores representing 50% of group revenues (49% in the first quarter of 2014) amounted to 139.1 million euros, with an increase of 4.8%.

As of the 31st of March, the overall distribution network included 1 166 Geox stores, of which 440 were DOS. During the first quarter of 2015, 16 new Geox Shops were opened and 75 have been closed, in line with the rationalization plan of the DOS network.

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