The results are said to be in line with Geox’s expectations, with growth in the wholesale channel (45% of the Group’s revenues) “partially compensating for the planned optimisation of the mono-brand store network”, and improved like-for-like sales in directly operated stores, which recorded a +2% increase in the second half of the year. The Italian shoe manufacturer says the markets of Russia, Eastern Europe and China continued to record double-digit growth, as well as the e-commerce channel (+26%). EBITDA was €64.0 million in the year (7.2% of sales), compared with €47.6 million in 2016 (5.3% on sales).

Sales in Italy, which accounted for 29% of sales (30% in 2016) totalled €257.5 million, down from with €270.1 million in 2016. Sales in Europe (43% of Group sales) were €382.9 million (2016: €396.6 million), while the North American market recorded €56.9 million in total sales, down -6.2% mainly attributed to the performance on the Canadian market, and sales in other countries are reported to have increased +8% compared with the previous year.

As of December 31, 2017, the number of Geox shops stood at 1,095, of which 439 Directly Operated Stores (DOS). During 2017, 70 new Geox Shops were opened and 136 were closed in line with the Company’s rationalisation plan in more mature markets, and the expansion in countries where the Group’s presence is “still limited but developing well.”