Geox reports 6.2 percent revenue decline in first nine months

Geox spa, a company listed on the Euronext Milan market managed by Borsa Italiana, has closed the first nine months with consolidated revenues of 492.8 million euros. This represents a decrease of 6.2 percent compared to the previous year (-6.3 percent at constant exchange rates). Excluding the impact of branch closures in China and the US, the decline amounts to 19.3 million euros (-3.8 percent).

“Geox reports a 3.8 percent decline in sales on a like-for-like basis compared to the same period last year. Market conditions and general consumer dynamics continue to affect sector demand, which remains in significant contraction. It is important to emphasise that our direct retail channel has maintained a level of comparable sales broadly in line with the previous period,” emphasised chief executive officer, Francesco Di Giovanni, in a note.

Wholesale and retail channels record revenue decline

“In light of this market context, we have focused on actions to rationalise and streamline our cost structure. These actions have enabled us to achieve a higher adjusted Ebit compared to the first nine months of 2024,” added the CEO.

“For the 2025 financial year, despite weak revenues (high single digit), we expect an adjusted Ebit margin in line with previous plan expectations. This is thanks to the aforementioned cost containment actions. We also anticipate a bank debt of between 100 and 110 million euros,” stated Di Giovanni.

Wholesale channel revenue stands at 172.6 million, amounting to 35 percent of the group's revenue (35.1 percent in the first nine months of 2024). This records a contraction of 6.3 percent at current exchange rates (-6.3 percent at constant exchange rates) compared to 184.2 million euros in the first nine months of 2024.

Retail channel revenue stands at 186.9 million, representing 37.9 percent of the group's revenue. This is a slight decrease from 190.6 million in the first nine months of 2024 (-1.9 percent at current exchange rates, -1.9 percent at constant exchange rates). Excluding the impact of branch closures in China and the US, the decline is 0.6 million euros (-0.3 percent). This decrease is attributable to a negative net perimeter effect of approximately 1.3 million euros, resulting from store closures that occurred mainly during the 2024 financial year.

During the nine months 23 new stores were opened and 70 were closed

Revenue from digital channels recorded a contraction of 11.5 percent compared to the first nine months of 2024. From this year, these channels include the proprietary website and marketplaces, managed both directly and through wholesale. The decline is also a consequence of a policy to rationalise web sales channels, initiated in the second half of the current financial year.

As of September 30, 2025, the total number of “Geox shops” is 569, of which 236 are directly managed. During the nine months of 2025, 23 new stores were opened and 70 were closed. This is in line with the planned optimisation of the distribution perimeter in more mature markets.

Net operating working capital stands at approximately 161.4 million euros. This is an increase of approximately 57.0 million euros compared to 104.4 million euros on December 31, 2024, and 2.1 million euros lower than on September 30, 2024 (163.5 million euros).

This article was translated to English using an AI tool.

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