Mario Moretti Polegato, Chairman and founder of Geox, commented: “I am satisfied with the results achieved by Geox Group in the first quarter. Revenues increased by 1.2%, thanks to the positive performance of the wholesale channel which recorded a growth of 6.3%. This growth was particularly driven by the excellent performance in Russia, Eastern Europe and China and by the e-commerce channel, which grew by more than 30%”.

First quarter 2017 consolidated net sales increased by 1.2% totaling 297.9 million euros (+0.1% at constant forex). Footwear sales, which accounted for about 90% of consolidated sales, amounting to 267.4 million euros, increased by 0.8 % compared to first quarter of 2016 (-0.2% at constant forex). Apparel sales, representing 10% of consolidated sales, reached 30.5 million euros (+4.5%; +2.8% at constant forex).

Revenues generated in Italy, the domestic market, representing 33% of the group’s revenues (34% in the first quarter of 2016), are in line with the first quarter of 2016: the planned optimization of mono-brand distribution was offset by the growth recorded by the wholesale channel. Revenues generated in Europe, representing 42% of the group revenues (44% in the first quarter of 2016), totaled 126.1 million euros, compared to 128.5 million euros in the first quarter of 2016, recording a decline of 1.9% (-2.0% at constant forex). This performance is explained by the planned rationalization of mono-brand stores, partially offset by the positive performance of the wholesale channel and growth in LFL sales recorded by both directly operated and franchised mono-brand stores.

North America recorded a turnover of 14.5 million (-7.8% at current forex and -13.0% at constant forex), and a 14.2% growth in turnover was recorded in the Rest of the World compared with the first quarter of 2016 (9.6% at constant forex).

Revenues generated by directly-operated stores (DOS) representing 29% of the group’s revenues, amounted to 85.9 million euros, recording a decline of 2.1% (-3.2% at constant forex).

As of the 31st of March the overall number of Geox Shops was 1 134, of which 451 DOS. During the first quarter of the year, 17 new Geox Shops were opened and 44 have been closed, in line with the rationalization plan of the DOS network.