Apparel sales rise at Geox

08 Apr '08

3 min read

The Shareholders' meeting 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. Shareholders' meeting has also been presented the consolidated financial results.

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”.

THE GROUP'S ECONOMIC PERFORMANCE:
Sales:
Consolidated sales increased 26% (27% at constant exchange rates) to Euro 770.2 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.

Italy remains the Group's main market accounting for 38% of sales (43% in 2006) equal to Euro 294.5 million, a 11% increase. Europe (excluding Italy) generated 44% of sales (43% in 2006) amounting to Euro 342.3 million, a 30% increase. The USA reported an increase in sales of 28% (40% at constant exchange rates) and the Other countries reported an increase in sales of 70% (74% at constant exchange rates).

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