Sales rise 26% at Geox
Despite the ongoing concerns over the economy in established markets, Italian classic and casual footwear manufacturer Geox S.p.A. reported strong sales and expansion in its domestic Italian market and across Europe in 2007 and is forecasting continued improvements and further expansion up to 2010.
Consolidated sales for the year increased 26% (27% at constant exchange rates) to €770.2 million, 93% of was generated through footwear sales worth €715.8 million, up 25% compared with 2006. Italy remained the main market for sales, accounting for 38% of total sales at €294.5 million (+11%), while Europe (excluding Italy) generated 44% of sales worth €342.3 million (+30%). The company even reported higher sales in the USA, which has seen many retailers post lower results, posting a 28% rise (40% at constant exchange rates) year-on-year at €24.1 million, while “Other countries” posted a massive 70% rise in sales to reach €109.29 million.
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. So, over the next three years we expect to see sales growth remain strong, at around 20% per year on average.”
