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Geox BoD approves Strategic Plan for 2008, 2009, 2010
28 Feb '08
3 min read
The Board of Directors of Geox S.p.A., the Italian company leader in the classic and casual footwear market listed on the Milan Stock Exchange, approved the financial results for year ending December 31, 2007. The Board of Directors approved also the Strategic Plan for 2008, 2009, 2010.
Mario Moretti Polegato, Chairman and founder of Geox commented: "The results achieved by the Geox Group in 2007 are further confirmation of the strong potential of our brand, the success of our patent and the solidity of our business model.
With 2007 we close three years of rapid expansion of the Group, both on the domestic market and, above all, on the European market, a phase that began when the Group was listed on the Milan Stock Exchange in December 2004.
Today Geox is ready to face a new round of expansion, which will lead to a consolidation of our leadership in Europe as well as considerable international growth; this is an objective that we intend to pursue above all by enlarging the network of Geox Shops, which should reach a total of more than 1,500 in 2010.
So over the next three years we expect to see sales growth remain strong, at around 20% per year on average. Finally, considering the very good results of FY 2007 we have decided to further increase our dividend pay out ratio from 40% to 50%”.
THE GROUP'S ECONOMIC PERFORMANCE:
Sales:
Consolidated sales increased 26% (27% at constant exchange rates) to Euro770.2 million. Footwear sales represented 93% of consolidated sales, amounting to Euro 715.8 million, with a 25% increase compared to 2006. Apparel sales accounted for 7% of consolidated sales equal to Euro 51.8 million, showing a 53% increase.
Mario Moretti Polegato, Chairman and founder of Geox commented: "The results achieved by the Geox Group in 2007 are further confirmation of the strong potential of our brand, the success of our patent and the solidity of our business model.
With 2007 we close three years of rapid expansion of the Group, both on the domestic market and, above all, on the European market, a phase that began when the Group was listed on the Milan Stock Exchange in December 2004.
Today Geox is ready to face a new round of expansion, which will lead to a consolidation of our leadership in Europe as well as considerable international growth; this is an objective that we intend to pursue above all by enlarging the network of Geox Shops, which should reach a total of more than 1,500 in 2010.
So over the next three years we expect to see sales growth remain strong, at around 20% per year on average. Finally, considering the very good results of FY 2007 we have decided to further increase our dividend pay out ratio from 40% to 50%”.
THE GROUP'S ECONOMIC PERFORMANCE:
Sales:
Consolidated sales increased 26% (27% at constant exchange rates) to Euro770.2 million. Footwear sales represented 93% of consolidated sales, amounting to Euro 715.8 million, with a 25% increase compared to 2006. Apparel sales accounted for 7% of consolidated sales equal to Euro 51.8 million, showing a 53% increase.
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