Geox, first quarter at a complete halt
Geox slows down during the first quarter, recording a -1.3% drop in revenue, with sales amounting to 260.9 million euros.
Although overall revenue is down, there was an increase in like-for-like sales in the brand’s directly-operated stores, which are up +3.4%. Likewise, the online sales channel recorded double-digit growth at +25%.
«During the first three months of 2019, Geox recorded a slight decrease in sales compared with last year – commented Chief Executive Officer Matteo Mascazzini in a statement– Performance during the quarter has shown an increase in like-for-like sales generated by directly-operated stores, especially in the e-commerce channel, offsetting the decrease of the wholesale and franchising channels, which were affected by the ongoing rationalisation process, aimed at strengthening the company’s solidity and supporting the brand’s image, and by the optimisation of our network presence».
The franchising channel is in fact down by -12.9%, while the wholesale channel – which represents 54% of the brand’s revenue – fell by -1%.
Sales generated in Italy, which represents 31% of group revenues, were down by -4%, while Europe fell by -1%. North America recorded a downtrend (-9.8%) mainly due to the negative performance of the wholesale channel, while the rest of the world grew by +3.8%, with double-digit increases in Eastern Europe.