Geox
Italian Geox increased revenue by 21% in 2022
Geox founder and president Mario Moretti Polegato was pleased with the company's 2022 results. Geox increased revenue by 21% to 735,5 million euros. The company sees a double-digit increase in sales across all distribution channels and in all major geographic regions - fashionmagazine.it.
In particular, sales registered in Italy, which represent 26,5% of the total, reached 194,7 million (+26,6%), while sales growth in Europe as a whole (44,6% of revenue ) amounted to 17,8%.
Operating EBIT was positive again at 4,3 million euros (-44,9 million in 2021), while the loss of 13 million euros received by the company in 2022 was significantly reduced compared to -62,1 million a year earlier .Among the critical issues affecting Geox in 2022 is the conflict in Ukraine, which caused the Montebelluna (Treviso) group to suspend all new direct investment in Russia and the resumption of Covid outbreaks in Asia in the first half of the year, which had an impact on the chain supplies throughout most of the year.
Geox management is optimistic about the future and confirms plans for further revenue growth in 2023 of 6-8% compared to 2022, and an increase in gross margin from 100 to 130 basis points.
“2022 was a really important year for us. Not only because we achieved better results than expected, given that we returned to operating profit and revenue grew by 21%, despite a very difficult context, but above all because the strategy outlined proved to be correct and is bearing fruit. , said Mario Moretti Polegato. “We are in the phase of brand relaunch, significant investment in product and style, focus on multi-brand distribution, digital technologies and productivity of mono-brand stores.”
Geox founder and president Mario Moretti Polegato was pleased with the company's 2022 results. Geox increased revenue by 21% to 735,5 million euros. The company notes...
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