First quarter 2017 consolidated net sales are reported to have increased 1.2% (+0.1% at constant exchange rates) to €297.9 million. Footwear sales, which accounted for about 90% of consolidated sales, amounting to €267.4 million, increased 0.8% compared with the first quarter of 2016 (-0.2% at constant rates).

Revenues generated in home market Italy, representing 33% of Group revenues (34% in the first quarter of 2016), are said to be “in line with the first quarter of 2016”, due to the planned optimisation of mono-brand distribution; offset by the growth recorded by the wholesale channel. Revenues in Europe, representing 42% of Group revenues against 44% in the first quarter of 2016, amounted to €126.1 million (Q1 2016: €128.5 million); a -1.9% decline (-2% at constant) attributed to the planned rationalisation of mono-brand stores, partially offset by the positive performance of the wholesale channel.

North America recorded a turnover of €14.5 million, down €1.2 million (-7.8% at current rates and -13% at constant), “mainly as a result of the Canadian market”. Across the rest of the world, a 14.2% growth in turnover was recorded compared with the first quarter of 2016 (9.6% at constant rates), with solid results being reported across all markets with the exception of Hong Kong. The growth is said to have been particularly driven by the “excellent performance” in Russia, Eastern Europe and China.

While the brand continued to rationalise its directly operated stores in the period, 17 new stores were open but 44 were closed, sales at wholesale stores representing 53% of Group revenues (51% in the first quarter of 2016) amounted to €158.4 million, a 6.3% increase (+5.1% at constant rates).

According to Geox, plans are underway to further increase productivity in 2017, through simplification and operating efficiency and the implementation of tighter cost controls.