(Finance) – Geox closed i first nine months 2022 with consolidated revenues equal to 569.1 million euro, an increase of 22.8% compared to the previous year (+ 19.7% at constant exchange rates) thanks to the excellent performance of all the main distribution channels. The trend in the third quarter is also positive with turnover rising to 229 million, reporting a growth of 15% over the same period of 2021.
Revenues made in Italy, which represents 26.3% of the group’s revenues (24.1% in the nine months of 2021), amounted to 149.8 million (+ 34%). The growth was driven by direct stores (+ 36%) and by the franchising channel (+ 46%) also favored by the gradual reopening of the distribution network. The wholesale channel also reported an excellent performance (+ 28%).
The footwear accounted for 91% of consolidated revenues, amounting to € 517.6 million, with an increase of 22.2% (+ 19.1% at constant exchange rates) compared to the nine months of 2021.clothing was equal to 9% of consolidated revenues, amounting to 51.5 million, compared to 39.8 million in the nine months of 2021 (+ 29.7% at current exchange rates, + 26.5% at constant exchange rates).
“2022, despite an extremely uncertain macroeconomic and geo-political context due to the international situation, inflation, energy costs and the possible resurgence of Covid-19, is expected to be a year of strong improvement in both turnover and the main income indicators of the Group “, he commented Mario Moretti Polegatopresident and founder of Geox.
The society confirms the guidelines for the year provided above: double-digit growth is expected for revenues, with annual revenues therefore expected to exceed 700 million euros. On the wholesale channel alone, annual growth of around + 15% is expected, which will bring the channel’s revenues close to 2019 levels; at least a flat trend is expected on gross margins compared to 2021 (it is therefore expected that, in the second half of the year, we can at least recover the decrease observed in the first part of the year compared to the same period of the previous year (-60 basis points) ).