Geox Profit Falls for First Half

Despite taking a 28 percent hit on its bottom line, Geox SpA reiterated its plan for full-year sales to be in line with last year.
The Italian footwear company yesterday reported first-half earnings of 56.6 euros, or $80.2 million, versus 78.6 million euros, or $111.4 million, during the first half of 2008. Geox’s sales increased 4 percent to 482.9 million euros, or $684.6 million, for the period. All conversions are calculated at current exchange rates.
Footwear, which accounts for 91 percent of the company’s sales, increased by 1 percent to 438.3 million euros, or $621.2 million, while apparel grew 43 percent to 44.6 million euros, or $63.2 million.
“Our high profitability, thanks to tight discipline over operating costs and our solid cash position equal to 75.9 million euros (or $107.6 million) at the end of June, have protected us from the negative consequences of the [economic] crisis,” said Geox founder and chairman Mario Moretti Polegato.

imbox Sponsored

Customer Experience, Revenue Stream and Sustainability Come Wrapped in an IMBOX

Sustainable, footwear protection technology company, IMBOX Protection, is bringing its in-store service to the U.S. market for increased foot traffic and basket size with a new revenue stream.
Learn More

Access exclusive content