Growth for Geox in nine-month results against tough environment
Wholesale sales, which made up 55.7% of total sales, were up by 8.2% to €324.4 million, while franchising revenue (8.4% of the total) was up by 0.8% to €48.67 million. The total number of franchised shops fell from 294 in September 2022 to 282 in the same month of 2023.
Directly operated stores (DOS) comprised 35.9% of the total and were down by 5.5% to €208.9 million, while Geox shops were 44.3% of sales and down by 4.3% to €257.58 million. DOS locations fell from 318 in September 2022 to 261 in September 2023.
Sales in the company’s home market of Italy comprised 27.3% of sales and were up by 6% to €158.87 million, while wider Europe made up 42.4% and fell by 5.2% year-on-year to €246.94 million. In North America, which was 3.7% of total sales, the result was down 8.5% to €21.27 million. Finally, other countries made up 26.6% of the total and increased by 14.3% to €154.88 million.
Footwear comprised 90.4% of the company’s sales for the year so far and increased by 1.7% to €526.38 million, while apparel increased by 7.8% to €55.58 million.
Geox founder Mario Moretti Polegato said: “2023 looks like a year of stabilisation and moderate growth after the strong increases recorded in the previous two years. Sales realised in the first nine months, delivered indeed an increase of 2.3% at current exchange rates, (+4.1% at constant exchange rates) compared with the previous year. This result gains more value considering that it was achieved in a complex macroeconomic situation characterised by strong geopolitical tensions, high interest and inflation rates that induce strong concerns and cautious consumption.”
Credit: Geox
Credit: Geox