Geox falls on cautious guidance, lower 2023 sales
02/02/2024 08:58
** Shares in Geox GEO.MI fall nearly 7% after the Italian
shoemaker gave a cautious 2024 guidance after posting lower
full-year sales
** It expects 2024 revenues to be "broadly in line" with the
previous year, when sales dropped 2.2% to 719.6 million euros
($782.6 million)
** "The ongoing complexity and uncertainty that have
affected the industry in any case leads us to maintain a
cautious approach, focusing on growth in the most profitable
markets" -Geox
** "Results came in below expectations," a Milan-based
trader comments
** The stock is on track for its worst day since October if
losses hold, underperforming Italy's all-share index .FTITLMS
which is up 0.3%
($1 = 0.9195 euros)
(Reporting by Federica Urso, Giancarlo Navach)