Geox trims FY sales growth guidance on weaker multi-brand channel reorders
11/05/2023 17:25
May 10 (Reuters) - Italian shoemaker Geox GEO.MI
adopted a more cautious sales growth outlook for 2023, the group
said on Thursday, as it recorded weaker reorders in its
multi-brand channel in April and the first week of May.
The maker of breathable yet waterproof footwear now sees
total revenues growing overall by around 4-6% year-on-year,
compared with a previously estimated range of around 6-8%.
Geox said in a statement that it was not yet clear whether
the trend was due to temporary adverse weather conditions or the
impact of inflationary pressures on the market and consumers.
The company posted first-quarter revenues of 223.7 million
euros ($246.25 million), up 21.3% compared with a year earlier
as transport and supply chain proved reliable and thanks to a
strong order intake for its Spring/Summer collection by
multi-brand customers.
($1 = 0.9084 euros)
(Reporting by Enrico Sciacovelli, editing Federico Maccioni)
((Enrico.Sciacovelli@thomsonreuters.com; +48587720309;))