Geox Spa continues to struggle with negative consumer sentiment and recorded a decline in sales in the first nine months of the 2025 financial year.
The Italian footwear retailer ended the period with consolidated sales of 492.8 million euros, according to an interim report published on Wednesday. This corresponds to a decrease of 6.2 percent compared to the previous year (-6.3 percent at constant exchange rates). Excluding the effects of the closure of the branches in China and the USA, the decline amounts to 19.3 million euros (-3.8 percent).
“Market conditions and overall consumer dynamics continue to influence demand in the industry, which remains significantly declining,” said Geox CEO Francesco Di Giovanni. “However, I believe it is important to emphasize that our direct retail channel has maintained comparable sales levels essentially at the same level as the same period last year. Even in light of this market environment, we have focused on measures to rationalize and increase the efficiency of the cost structure.”
Sales in the wholesale channel amount to 172.6 million euros, making up 35 percent of group sales. This represents a decrease of 6.3 percent at current exchange rates (-6.3 percent at constant exchange rates) compared to the same period last year.
Sales in the retail channel amounted to 186.9 million euros, which accounts for 37.9 percent of group sales. This is a slight decrease compared to the 190.6 million euros in the first nine months of 2024 (-1.9 percent at current and constant exchange rates). Excluding the effects of the closure of the branches in China and the USA, the decline amounts to 0.6 million euros (-0.3 percent). This decline is due to a negative net effect of around 1.3 million euros. It results from the closures of stores, which mainly took place during the 2024 financial year.
23 new stores and 70 closures
Sales achieved via digital channels recorded a decline of 11.5 percent compared to the first nine months of 2024. As of this year, these channels include the company’s own website and marketplaces, which are operated both directly and wholesale. The decline is also a consequence of a rationalization policy of online sales channels that was initiated in the second half of the current financial year.
As of September 30, 2025, the total number of ‘Geox Shops’ was 569, of which 236 are directly operated. In the first nine months of 2025, 23 new stores opened and 70 closed. This is in line with the planned optimization of the distribution network in the more mature markets.
“For the 2025 financial year, despite the weakness in sales in the high single-digit range, we expect an adjusted EBIT margin in line with previous planning expectations. This is thanks to the cost-cutting measures mentioned. The bank debts should be between 100 and 110 million euros,” said Di Giovanni.
This article was created using digital tools translated.
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