ITALY: Geox boosts FY income by 26%
Italian footwear brand Geox has boosted its full-year profit by 26%, to reach EUR123m.
Consolidated sales at the company also increased 26% to EUR770.2m (US$1.16bn), with footwear sales representing 93% of this.
Apparel sales accounted for 7% of consolidated sales, equal to EUR1.8m, showing a 53% increase on last year.
Italy remains the group's main market accounting for 38% of sales, equal to EUR294.5m, a 11% increase. Excluding Italy, Europe generated 44% of sales amounting to EUR342.3m, the company said.
Mario Moretti Polegato, chairman and founder of Geox, said: "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."
As of 31 December, the total number of Geox shops was 724. During 2007, 207 new Geox Shops were opened, of which 38 were in Italy, 75 in Europe and 4 in the US.
As part of a strategic growth plan, the company's management expects the group will enjoy growth of around 20% per year over the next three years. EBITDA is likely to be around 25% in 2008, above 26% in 2009 and around 27% in 2010.
Geox SpA has posted a 13% rise in first half profit, driven by strong sales of its footwear and apparel, and says it expects significant growth for the rest of the year....
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