Italian shoemaker Geox first half sales fall more than 9% (updated)

GEOX SpA

31/07/2024 17:42

(Adds details)
       July 31 (Reuters) - Italian shoemaker Geox  GEO.MI 
posted a 9.4% drop in sales for the first six months of the
year, at current exchange rates, to 320.4 million euros ($346.83
million).
    "The first half of 2024, consistent with what we have seen
in the first months of the year, has proven extremely
challenging due to the persistence of complex market
conditions," Chief Executive Enrico Mistron said in a statement.
    The group said that inflationary pressure and tight monetary
policy continue to negatively impact market dynamics and
consumer behaviour.
    The most negative sales performances were registered in
Russia, China and the Middle East, Geox said, while sales fell
1.7% from the year earlier period in Europe, a region that
generated 45.7% of its total revenue in the first half.
    Geox said in May that it expected a mid-sigle digit drop in
full-year revenue, while maintaining its outlook for a 50
basis-point increase to its operating margin. 

($1 = 0.9238 euros)

 (Reporting by Philippe Leroy Beaulieu; Editing by Kirsten
Donovan)
 ((Philippe.LeroyBeaulieu@thomsonreuters.com;))