Geox revenue down 6.2% to €492.8 million in the first nine months of the year

Italian clothing and accessories brand Geox reported nine-month revenues of €492.8 million, down 6.2% compared to the same period in 2024. Excluding the impact of the closure of its subsidiaries in China and the US, the decline was 3.8%.

Despite softer revenues, management expects an adjusted EBIT margin for the 2025 financial year in line with its prior plan, and bank debt of between €100 million and €110 million.

“Market conditions and overall consumption trends continue to influence sector demand, which remains in significant decline. I believe it is important to emphasise, however, that our direct retail channel has maintained like-for-like sales broadly in line with the previous period,” CEO Francesco Di Giovanni said in a note.

Italy accounted for 29% of the group’s revenues (27.3% in the first nine months of 2024), totalling €143 million, a slight decrease of 0.5% compared with €143.7 million in the first nine months of 2024. The decrease reflects the combined effect of strong performance in the online channel (+13.9%), which helped to offset declines in the wholesale (-4%) and retail (-0.5%) channels.

A reduction in costs of around €20 million has resulted in an adjusted EBIT margin about 100 basis points higher than in the first nine months of 2024, with adjusted EBIT up by around €4 million.