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Geox Struggles in First Half

Geox SpA dropped to a first-half net income of 37.9 million euros, or $50.4 million, from 56.6 million euros, or $75.3 million, a year ago, due to a decline in shoe sales.
 
The company, whose men’s, women’s and children’s footwear and apparel focuses on breathable materializations, reported a 10 percent drop in net sales to 435.5 million euros, or $579.5 million, for the period ended June 30.

Net sales of footwear fell 12 percent from the same time last year to 387.4 million euros, or $515.5 million, but for apparel, they rose 8 percent to 48.1 million euros, or $64 million.
 
Geox, based in Montebelluna, Italy, posted weak sales in all regions, with net sales in Europe dropping 15 percent from last year to 189 million euros, or $251.5 million, and in the U.S. falling 8 percent to 25.9 million euros, or $34.5 million.
 
Earnings before interests, taxes, depreciation and amortization fell 34 percent to 79.4 million euros, or $105.6 million. All currency conversions were calculated at the average exchange rate for the period indicated.

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