Mar 7, 2014
Geox says sales to rise this year after 7 percent fall in 2013
Mar 7, 2014
Italian casual shoemaker Geox said sales fell 7 percent to 754.2 million euros ($1 billion)in 2013, in line with company and analyst expectations, and said sales should rise in 2014 as it continues with a turnaround plan.
The company, which makes shoes with perforated soles intended to stay waterproof while allowing the feet to breathe, said it expected to post revenue of 800 million euros in 2014, and return to break-even at the operating profit level.
The company posted a net loss of 29.7 million euros last year down from 10 million euro profit in 2012.
Geox had said in November it expected sales for the full year to be 6.5-7.0 percent lower than the previous year's 807.62 million euros, after reporting a nine-month net loss.
The company unveiled an industrial plan in November, outlining plans to expand abroad and help to recover from losses incurred in Italy as the country's longest recession since World War Two stemmed the flow of shoppers to its stores.
The company said comparable sales rose 5 percent in the fourth quarter of 2013
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