Geox S.p.A. BOD approves financial results for Q1 2007

15 May '07

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 the 1Q 2007.

Mario Moretti Polegato, Chairman and founder of Geox has thus commented: “First quarter 2007 results are in line with our expectations and we think that this trend will continue also in the second quarter of 2007. Moreover, we are confident that the Group could reach, also in the second part of 2007, results significantly above the previous year given that the 2007 Fall/Winter orders backlog shows a growth rate of around 27%”.

The Group's Economic Performance:
It is important to underline that, given the seasonal trend of the business which is common to the whole industry, quarterly results cannot be considered as a proportional part of the full year results.

Sales:
Consolidated sales record an increase of 29% to Euro 315.2 million. Footwear sales represent 95% of the consolidated sales, amounting to Euro 300.5 million, with a 29% increase compared to the same period of 2006. Apparel sales accounted for 5% of consolidated sales equal to Euro 14.5 million, with a 41% increase.

Italy remains the Group's main market accounting for 35% of sales (40% in the same period of 2006) equal to Euro 111.7 million, with a 15% increase. International markets generated Euro 203.6 million of sales with a 37% growth. In particular, Europe (excluding Italy) generated 51% of sales (50% in the same period of 2006) amounting to Euro 161.4 million, with a 32% increase.

More GEOX News... More Fashion News - Italy...