• 9-month profit of EUR4.5m versus EUR8.5m loss 
  • Net sales up 8.1% to EUR668.4m
  • Sales in Italy rise 13.6%
Geox posted a net profit of EUR4.5m for the first nine months of the year

Geox posted a net profit of EUR4.5m for the first nine months of the year

Italian footwear business Geox believes it is on the "right track towards profitable and sustainable growth" after returning to profit in the first nine months of 2014. 

The company's net profit reached EUR4.5m (US$5.6m) for the first nine months of the year, compared to a loss of EUR8.5m in the same period of the year before.

Net sales increased 8.1% to EUR668.4m from EUR618.1m, with a "solid" performance in all countries. Sales in Italy, the group's main market, rose 13.6% to EUR225.9m. Sales in Europe grew 8.5% to EUR294.8m, while North America saw a drop of 1% to EUR40.4m.

Footwear sales, which accounted for about 87.6% of consolidated sales, increased 8.7% to EUR585.4m. Apparel sales, which represented 12.4% of consolidated sales, were up by 4.6% to EUR83m.

Gross margin improved to 47.4% from 46.3% last year.

"These results, which have been achieved despite uncertain consumer spending in certain markets, allow us to confirm the targets that we laid down for 2014, namely turnover of EUR800m and the expected profitability," said chairman and founder Mario Moretti Polegato.

"In addition, the positive trend in orders received in the multi-brand channel for upcoming 2015 spring/summer season is another important signal to confirm that we are on the right track towards a profitable and sustainable growth in the medium term, focusing on product innovation, solid development and specialisation of our distribution network and supply chain."