Geox FY net loss widens on coronavirus hit
15/03/2021 17:56
March 15 (Reuters) - Italian shoemaker Geox GEO.MI said in
a statement on Wednesday its net loss widened in 2020 as
business activity was hurt by shops being shut due to lockdown
restrictions to contain the spread of the coronavirus.
The maker of breathable yet waterproof footwear said
full-year net loss widened to 128.2 million euros ($152.93
million) from 24.8 million euros a year earlier, while sales
fell 33.6% at current exchange rates.
Geox said sales performance in the first 10 weeks of 2021
continued to be affected by shops being shut in main European
markets, but there were positive trends in markets where store
closures were currently not an issue, with like-for-like sales
from directly operated stores up 18% in Russia and China
recording sales growth of 76%.
The company expects a gradual return to "business as usual"
in the second half of the year helped by ongoing vaccination
campaigns, it added.
$1 = 0.8383 euros)
(Reporting by Rita Plantera; editing by Agnieszka Flak)
((r.plantera@thomsonreuters.com; +48 58 769 65 79))