Brief: Geox Q1 Net Revenue Up To EUR 184.4 Mln, Suspends Any New Direct Investment In Russia

GEOX SpA

12/05/2022 16:56

May 12 (Reuters) - Geox SpA  GEO.MI :
    * Q1 NET REVENUE EUR 184.4 MILLION VERSUS EUR 148.4 MILLION
YEAR
AGO
    * ENVIRONMENT STILL REMAINS UNCERTAIN AND, AS A RESULT,
GROUP WILL
CONTINUE WITH INITIATIVES AIMED AT PROTECTING  CORPORATE CASH
FLOW AND CONTAIN OPERATING COSTS
    * MARGINS CONTINUE TO BE UNDER PRESSURE DUE TO INTERNATIONAL
GEO-POLITICAL SITUATION, HIGH COST OF ENERGY AND IMPACT OF
COVID-19 ON SUPPLY CHAIN IN  TERMS OF BOTH COSTS AND SHIPPING
TIMES
    * MANAGEMENT CONFIRMS 2022-24 PLAN'S FORECASTS IN TERMS OF
TOP
LINE AND THEREFORE EXPECTS TO REPORT DOUBLE-DIGIT GROWTH IN
ANNUAL REVENUES
    * SEES 2022 REVENUES ABOVE EUR 700 MILLION, WHICH WOULD
REMAIN
ACHIEVABLE, ALBEIT CHALLENGING, IF NO SOLUTION TO UKRAINE CRISIS
IS FOUND SOON
    * IT IS ASSUMED THAT THIS SITUATION MAY PERSIST, PERHAPS
WITH SOME
MITIGATION, IN REMAINING PART OF THE YEAR
    * IN TERMS OF GROSS MARGIN, PERSISTENCE OF CRITICAL ISSUES
IN
SUPPLY CHAIN LEAD TO GREATER CAUTION REGARDING ITS  ANNUAL
EVOLUTION
    * HAS SUSPENDED ANY NEW DIRECT INVESTMENT IN  RUSSIA, IS
WITHDRAWING EUROPEAN MANAGEMENT, HAS REDUCED ORDERS FROM THIRD
PARTIES WHERE POSSIBLE
    * IS MANAGING  SITUATION IN SHORT TERM SO AS TO BE READY TO
MITIGATE IMPACT OF ANY FUTURE DECISIONS REGARDING ITS PRESENCE
IN RUSSIA

Further company coverage:  GEO.MI 

 (Reporting by Milan newsroom)