Geox, the renowned Italian footwear and apparel manufacturer, has released its financial performance for the initial nine months of 2023, revealing a 2.3% year-on-year surge in consolidated sales, totalling €582 million.
Wholesale sales, constituting 55.7% of the overall sales, experienced an 8.2% increase, reaching €324.4 million. Franchising revenue, contributing 8.4% to the total, rose by 0.8% to €48.67 million. The count of franchised shops decreased from 294 in September 2022 to 282 in the corresponding month of 2023.
Directly operated stores (DOS) represented 35.9% of the total sales, declining by 5.5% to €208.9 million. Geox shops constituted 44.3% of sales, decreasing by 4.3% to €257.58 million. DOS locations reduced from 318 in September 2022 to 261 in September 2023.
Italy, the company's domestic market, accounted for 27.3% of sales, demonstrating a 6% increase to €158.87 million. Wider Europe, contributing 42.4%, experienced a 5.2% year-on-year decline to €246.94 million. North America, comprising 3.7% of total sales, witnessed an 8.5% decrease to €21.27 million. Other countries, constituting 26.6%, saw a 14.3% increase to €154.88 million.
Footwear comprised 90.4% of the company’s sales for the year, growing by 1.7% to €526.38 million, while apparel increased by 7.8% to €55.58 million.
Geox founder Mario Moretti Polegato commented: “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.”
