Geox revenue grows in first quarter 2017
Italian footwear manufacturer Geox has closed the first quarter 2017 with a 1.2% increase in sales, reaching €297.9 million. "I'm satisfied by our group's first quarter results. Revenue grew thanks to the positive performance of the wholesale channel, where sales increased by 6.3%. Overall, our growth was driven by strong results in Russia, Eastern Europe and China, as well as by a boom in online sales, which increased by more than 30%," said Mario Moretti Polegato, the group's President and founder.
Shoe sales, which accounted for 90% of consolidated revenue, remained stable at +0.8% compared to 2016, reaching €267.4 million. As for ready-to-wear apparel, which for the time being accounts for only 10% of consolidated revenue, its sales grew by 4.5%, up to €30.5 million.
Market-wise, Italy remains Geox's leading country, with a 33.5% share of sales and a revenue on par with 2016. The rest of Europe generated 42.3% of sales, down 1.9%, North America generated 4.9% of sales, down 7.8%, and the rest of the world accounted for 19.3% of sales, up 14.2% thanks to strong results across all markets, except for Hong Kong.
As for the distribution channels, wholesale accounted for 53.2% of sales (+6.3%), and retail for 46.8% of the total (-4%, with 18.8% of sales coming from franchised stores and 28.8% from directly owned ones). According to Mario Moretti Polegato, "these results are proof of the power and effectiveness of our strategic decisions, focused on solid, profitable growth. I am confident we will produce a positive performance this year, generating a level of profits consistent with our objectives."
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