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.

joor Sponsored By JOOR

JOOR Preps Digital Passport for the Hybrid Trade Show Era

JOOR Passport incorporates elements from the virtual trade show experience into returning in-person events.
Learn More

Access exclusive content