Geox Reports Financial Performance in the First Nine Months of 2023

23 November 2023

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.”

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