Italian footwear brand Geox reported on Thursday a nearly 10 percent drop in first-quarter earnings.
Citing the struggling global economy, the company said that net income fell to 72.4 million euros, or $98.4 million, during the period, compared with 80.1 million euros, or $108.9 million, last year.
However, sales in the first quarter increased 5 percent to 384.2 million euros, or $522.2 million, with footwear representing 91 percent of total sales — a 3 percent increase from last year.
“Despite the difficulties of the current macroeconomic situation, we are satisfied with these results, as they show a further 5 percent growth in sales compared with the already strong performance in the first quarter of 2008,” Mario Moretti Polegato, chairman and founder of Geox, said in a statement. “The ability of the group to innovate its product constantly, to expand into new segments and to grow in new markets, together with its solid balance sheet, maintains intact my confidence in the opportunities that Geox will have to grow in the future.”