Despite store closures: Geox can increase nine-month sales

Italian shoe retailer Geox SpA achieved a small increase in sales in the first three quarters of the 2023 financial year despite streamlining its store network. This emerges from an interim statement that the company published on Thursday.

Accordingly, group sales in the months January to September amounted to almost 582.0 million euros. Compared to the same period last year, revenue increased by 2.3 percent. Adjusted for exchange rate changes, they increased by 4.1 percent. The shoe supplier owed its growth to its wholesale business, which achieved an increase of 8.2 percent (currency-adjusted +10.2 percent) to 324.4 million euros.

Sales in its own retail sector, however, fell by 5.5 percent (-3.6 percent adjusted for currency effects) to 208.9 million euros. According to the company, the decline was due to slight losses in online business (-3 percent) and the downsizing of the branch network. While Geox still had 318 stores of its own at the end of September 2022, a year later there were only 261 locations. Like-for-like sales in existing stores increased by 2.7 percent.

In Italy, total sales in the first nine months were 158.9 million euros, 6.0 percent above the corresponding previous year’s level. In the other European markets, revenue fell by 5.2 percent to 246.9 million euros, not least due to “negative results” in Germany; in North America they fell by 8.5 percent (-3.8 percent adjusted for currency effects) to 21.3 million euros back. In the remaining markets, sales increased by 14.3 percent (currency-adjusted +22.3 percent) to 154.9 million euros thanks to good business in the Asia-Pacific region.

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