Higher shoe and apparel sales at Geox
Italy-based breathable footwear brand Geox has posted improved results for the first quarter.
Sales for the quarter rose 5% (4% at constant exchange rates) to EUR 384.2 million. Footwear sales represented 91% of consolidated sales, totalling EUR 348.1 million, up 3% increase compared with the first of quarter 2008. Apparel sales accounted for 9% of sales totalling EUR 36.1 million, a 33% increase.
Italy continues to be the group’s main market, accounting for 36% of sales, up slightly from 35% in the same period of 2008. Domestic sales totalled EUR 138.2 million, a 9% increase compared with the first quarter of 2008.
Europe generated 48% of sales, down from 52% in the same period of 2008. Sales totalled EUR 184.9 million, down 3%. North America sales rose 23%, while sales for the rest of the world rose 26%.
Mario Moretti Polegato, chairman and founder of Geox, commented: “Despite the difficulties of the current macroeconomic situation, we are satisfied with these results as they show a further 5% growth in sales compared to the already strong performance in the first quarter of 2008.
”Even though the global trend in consumer spending is still very weak, we believe that thanks to our flexible business model and to the actions that we introduced to hold down costs, Geox will be able to take advantage of this downturn to reinforce its leadership position. The ability of the group to innovate its product constantly, to expand into new segments and to grow in new markets, together with its solid balance sheet, maintains intact my confidence in the opportunities that Geox will have to grow in the future."
