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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.

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