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Italian apparel brand Geox's sales improve as shoppers flock to stores

Views: 0     Author: Site Editor     Publish Time: 2021-11-18      Origin: fibre2fashion

Italian apparel brand Geox's sales improve as shoppers flock to stores

Geox, an Italian shoe and apparel brand, has reported a 7.8 per cent sales growth to €463.5 million during the nine-month (9M) period of FY21 ended on September 30, 2021, driven by wholesale and directly operated stores (DOS) re-openings that started in the second quarter. However, net loss for the period amounted to €95.5 million.


“Revenues for the nine months showed solid growth compared to last year thanks to the gradual reopening of commercial distribution. People's movements are also partially gradually increasing and only international tourism continues to remain well below pre-COVID level,” the lifestyle brand said in a statement.


Sales from multi-brand stores surged 13.3 per cent to €250.9 million, over the sales of €221.4 million in 9M FY20, benefited from the performance of seasonal stock replenishments on SS21, a positive order intake for the FW21 collection, a positive timing effect on shipments, increased sales of stock from previous seasons and an improvement in commercial conditions. On the other hand, Geox shops sales marginally improved by 2.0 per cent to €212.5 million (€208.3 million).


By region, Italy recorded a 9.4 per cent sales rise to €111.8 million (€102.2 million), with lower percentage of stores closed due to lockdowns compared to the same period in 2020. European region achieved a 3.3 per cent increase in sales to €212.8 million (€205.9 million).


North American region sales went up to €19.0 million (€18.3 million). Besides other countries sales jumped 15.9 per cent to €119.7 million (€103.3 million), Asia Pacific Area reported a drop in sales by 6.8 per cent, mainly as a result of the reorganisation in Japan leading to the closure of the branch and the transfer of the business to a distributor with effects from 2022. Whereas China reported a revenue growth of 6.9 per cent, with direct store like-for-like sales up 19 per cent.


The fourth quarter is also showing positive figures so far with like-for-like sales from direct stores up on both the corresponding period of 2020 (up by 50 per cent) and 2019 (up by 3 per cent), accompanied by a good reduction in discounts, according to the company.


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