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Geox sales forecast revision

16/05/2024
Geox sales forecast revision
Italian shoemaker Geox has revised its full-year sales forecast, citing inflationary pressures and a double-digit decline in first-quarter revenues, mainly due to weak wholesale channel performance, according to Reuters.

Geox now expects a mid-single-digit percentage decrease in 2024 revenue compared to the previous year, contrasting with its earlier flat sales projection.

First-quarter consolidated sales totalled 193.6 million euros ($209.38 million), down 13.5% year-on-year. The wholesale channel saw a nearly 22% drop attributed to lower-than-expected order intake for the Spring/Summer 2024 line up.

CEO Enrico Mistron acknowledged market complexity and uncertainty, emphasising a cautious approach to growth in profitable markets.

Despite challenges, Geox aims for a 50 basis-point increase in operating margin compared to 2023. Mistron disclosed plans for a new strategic plan covering 2025 to 2027 to be presented this financial year.

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