Recovery for Geox in first quarter

Italy
Published:  16 May, 2022
Credit: Geox

Italian footwear and apparel manufacturer Geox has reported sales of €184 million in the first quarter of 2022, up 24.3%.

The company also reported that, as of writing, comparable sales generated by directly operated stores (physical and online) are up 60% over 2021, though remain down 3% on pre-pandemic 2019 results, thanks to further acceleration in the second quarter.

Revenues from multi-brand stores, which represented 55.6% of the group's revenues, totalled €102.6 million in the period, up 11.6% year-on-year.

Representing 8.5% of the group’s revenue in the quarter, results from the franchising channel amounted to €15.6 million, an increase of 49.3% over the same period in 2021.

The company noted that Covid-19 outbreaks and restrictions led to the closure of 19 direct stores in Shanghai, which remain closed.

Revenue in the company’s home market of Italy was €48.5 million, up 62.1%, supported by an aggressive reopening of the distribution network, Geox reported.

In Europe, the company reported €84.95 million in revenue, up 21.2% year-on-year, while in North America the result was €5.06 million, 9.6% up on the first quarter of 2021.

Other countries, representing 24.9% of the total revenue, came in at €45.84 million, increasing 4.9% over 2021. This was held back by the Asia Pacific region, which saw revenues fall by 12.5% due primarily to business reorganisation in Japan (down 58%). China reported a growth in revenue of 8%.

The company said in its financial statement: "First quarter 2022 results, albeit in an extremely complex environment, show a significant improvement over last year with double-digit revenue growth across all distribution channels.

“Since the re-opening of stores, we are seeing a progressive and significant improvement in the performance of our network, which has been substantially back in operation since the end of June 2021; the entire first half of 2022 will therefore benefit to some extent from an easier basis of comparison. However, the improvement is significant and continued in both April and May bringing overall growth to 32%.”