Geox BOD approves H1 financial results

30 Jul '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 first half 2007.

Mario Moretti Polegato, Chairman and founder of Geox has thus commented: “First half 2007 results are very satisfactory, in line with our expectations and confirm the strength of GEOX brand and our technology.

Our current orders backlog for Fall/Winter 2007 shows a growth of 24% as compared to the same period of 2006, confirming the favourable trend of the business. Based on first half results and on the outlook for the second part of the year, we are confident that, also in 2007, the Group will reach results well above the previous year.

The Group's Economic Performance:
Sales:
Consolidated sales reported an increase of 27% (28% at constant exchange rates) to Euro 388.2 million. Footwear sales represent 95% of the consolidated sales, amounting to Euro 370.1 million, with a 28% increase compared to the same period of 2006. Apparel sales accounted for 5% of consolidated sales equal to Euro 17.3 million, with a 46% increase.

Italy remains the Group's main market accounting for 38% of sales (42% in the same period of 2006) equal to Euro 146.0 million, with a 13% increase.

International markets generated Euro 242.2 million of sales with a 38% growth (39% at constant exchange rates). In particular, Europe (excluding Italy) generated 47% of sales (45% in the same period of 2006) amounting to Euro 181.2 million, with a 32% increase (33% at constant exchange rates); US reported an increase of 36% (47% at constant exchange rates).

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