Geox: revenues down 2.4 percent in first quarter

Geox spa approved the results for March 31, 2025, today. Consolidated revenues for the first three months of 2025 amounted to 189.0 million euros, a decrease of 2.4 percent compared to the previous year (-2.6 percent at constant exchange rates).

The decline was mainly due to the performance of the wholesale and retail channels, only partially mitigated by the positive performance of the web channel, the management explained.

“The first quarter of the 2025 financial year recorded a decrease in sales of 2.4 percent compared to the same period of the previous year. However, it confirmed the good performance of the web channel, which partially offset the contraction recorded in the wholesale and retail channels. I think it is important to emphasise that the retail channel recorded comparable sales in line with the previous year,” said chief executive officer, Enrico Mistron.

“Despite this slight decrease in revenues, the rationalisation and efficiency measures implemented in the cost structure made it possible to obtain an adjusted EBITDA higher than that of the first quarter of 2024, with an improvement of approximately 6.3 million euros,” the CEO added.

Revenues from the wholesale channel amounted to 74.7 million euros, equal to 39.5 percent of the group's revenues (40.3 percent in the first three months of 2024), recording a contraction of 4.3 percent at current exchange rates (-4.5 percent at constant exchange rates) compared to 78.0 million euros in the first quarter of 2024. Revenues from the retail channel amounted to 61.2 million euros, equal to 32.4 percent of the group's revenues, down compared to the 64.8 million euros in the first three months of 2024 (-5.5 percent at current exchange rates, -5.6 percent at constant exchange rates). “This decrease is mainly due to the misalignment of the commercial calendar compared to the previous year, as well as a negative net perimeter effect of approximately 1.2 million euros, resulting from store closures that mainly occurred during the 2024 financial year, many of which were in China,” the note stated.

Regarding the distribution perimeter, the number of directly operated physical stores decreased from 251 in March 2024 to 240 in March 2025, while the number of franchising points of sale decreased from 157 to 126 in the same period.

Revenues generated through digital channels, which from this year include the proprietary website and marketplaces, managed both directly and in wholesale mode, recorded a positive performance, with an increase of 4.6 percent compared to the first quarter of 2024.

Revenues generated in Italy represent 29.3 percent of the group's revenues (28.4 percent in the first three months of 2024) and amounted to 55.4 million euros, a slight increase of 0.6 percent compared to 55.0 million euros in the first quarter of 2024.

Revenues generated in Europe represent 45.3 percent of the group's revenues (43.4 percent in the first three months of 2024) and amounted to 85.6 million euros, compared to 84.1 million euros in the first quarter of 2024, recording an increase of 1.8 percent (1.6 percent at constant exchange rates), mainly driven by the good performance achieved in France and the Dach area.