Geox narrows FY loss but cautious on 2015
Italian footwear business Geox has reported full-year results that it says are in line with the group's medium/long-term strategic objectives, but issued a caution on the coming year.
For the 12 month period, the company narrowed its net loss to EUR2.9m (US$3.1m) from a loss of EUR29.7m a year earlier. Gross margin widened to 49% compared to 46.6% in 2013.
The company closed 2014 with a growth in turnover of 9.3% to EUR824.2m, with “excellent results” in Italy, France and Spain, which saw increases of 13.7%, 16.1% and 16.5%, respectively.
Geox said it expects “a positive but also challenging” year in 2015, due to the “still difficult” international macroeconomic environment, and to political tensions in some regions of the world.
However, it added: “We are confident that the trend of solid growth achieved in our main markets, such as Italy, France, Spain, Germany and other European countries, positive developments in other geographical areas, confirmation of the growth trend in gross margin and the steps taken for rationalisation and improvements in efficiency, will allow the group to grow even further in 2015 both in terms of turnover and earnings.”
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