• 9-month profit increases more than threefold
  • Sales up 6.1% to EUR708.9m 

Italian apparel and footwear business Geox saw its earnings increase more than threefold during the first nine months of the year, helped by higher sales of its core footwear products. 

Net profit reached EUR17.1m (US$18.3m) for the period, compared to EUR4.5m in the same period of the prior year. 

Sales grew 6.1% to EUR708.9m from EUR668.4m last year, thanks to the positive performance of the multi-brand channel, which rose 7%, and to a 4% increase in sales at its direct and franchise stores. Footwear sales were up 9.3% to EUR639.6m, but apparel sales declined 16.6% to $69.3m. 

The company also attributed the performance to the launch of its new technically innovative products, including Nebula, Amphibiox, Geox Cuoio and new clothing lines. 

By region, sales grew 13.9% in North America, 5.4% in Italy, and 3% in Europe. 

Gross margin improved to 50% from 47.4% a year ago.