Profits down as Geox expands
10/11/2009
Italian footwear brand Geox has reported a fall in profits of 33.4% in the first nine months of the year compared to the same period in 2008.
The comany said the lower profits were because of slowing sales and expenditure on expanding its retail network.
Its profits for the first three quarters of 2009 were EUR 154.4 million compared to EUR 194.1 million a year earlier, with sales figures of EUR 780.6 million for the period this year and EUR 798.9 million in the first nine months of last year.
Geox has said it plans to open 100 new stores around the world by the end of 2009 and a further 85 outlets in the course of next year.
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