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Italian apparel brand Geox reports FY20 sales of €535 mn
16 Mar 21 2 min read
Geox, an Italian brand of shoe and clothing, has reported 33.6 per cent sales decline to €534.9 million in its complete fiscal 2020 ended on December 31, 2020 compared to the sales of €805.8 million in the prior fiscal. The companry's direct e-commerce channel continued to record significant growth above 41 per cent compared to the last year.
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“2020 results were deeply affected by the Covid-19 pandemic, with people’s mobility being significantly reduced, tourism being substantially wiped out and non-essential businesses being temporarily suspended (as is still the case),” the company said in a press release.
“The digital channel continues to record constant growth, playing an increasingly important role for all types of customers and driving purchases also in the physical channel, which remains key for the brand’s success and image; however, physical stores must now develop further, expanding the range of services on offer and perfectly integrating with the digital channel, at the same time as ensuring that rents are more in line with the new operating context,” company said.
Gross profit for the year was down to €231.8 million (FY19: €398.8 million). Company’s operating loss during FY20 widened to €110.9 million (€3.1 million). EBIT reported a loss of €124.5 million (€15.7 million).
Sales generated by wholesale stores during FY20 was down 28.3 per cent to €258.3 million (€360.4 million) due to the temporary closures of wholesale stores in Q2 and Q3. Whereas sales in the franchising channel was €43.1 million (€84.3 million) and sales in directly operated stores (DOS) fell to €233.4 million (€361.1 million).
Regionally, sales in Italy plunged 45.3 per cent to €124.9 million (€228.4 million). While in Europe sales declined 27.3 per cent to €250.3 million (€344.2 million) and North America’s sales dropped 46.4 per cent to €24.8 million (€46.2 million). Sales in other countries slipped 27.8 per cent to €134.9 million (€186.9 million).
Fibre2Fashion News Desk (JL)
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