ITALY: Geox FY profit edges up after sales hikes
Footwear company Geox posted a slight increase to full-year profit after registering double-digit sales increases across all sectors and regions.
The Italian company's adjusted net profit for 2008 was EUR123.4m (US$154.6m), up marginally on last year's figure of EUR123m.
However, EBITDA fell slightly to EUR199.5m from EUR200.9m last year.
Sales were up 16% to EUR892.5m, boosted by a 62.5% increase in apparel revenues, taking its share of Geox's business to nearly 10%.
Sales in the core footwear segment rose 12.5%. Sales in Italy, Geox's biggest market, were up 13.1% to EUR333m, while revenues from Europe increased 12.2% to EUR404.3m.
But the most dynamic growth came from North America - up 27.6% to EUR49.8m - and the rest of the world, up 37.9% to EUR105.3m.
Mario Moretti Polegato, chairman and founder of Geox, described the results as "excellent, considering the drastic contraction in consumer spending worldwide".
He added: "The economic outlook is likely to remain uncertain and difficult for the next few months, but the orders received for the spring/summer 2009 season are up by 6% and this makes us confident about the future."
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