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Geox profits up fourfold as sales rise

Italian footwear brand Geox increased sales 6.1% to €708.9m (£466.1m) during the first nine months of 2014.

The results delivered a €17.1m (£11.2m) profit for the business, which has 1,157 stores worldwide, of which 470 are directly operated, up fourfold from €4.5m (£2.6m) the previous year.

Footwear sales accounted for about 90% and clothing the rest.

Geox said its performance was driven by ”technically innovative” products, including Nebula, Amphibiox, Geox Cuoio and new clothing lines, which have been popular with customers.

Founder and chairman Mario Moretti Polegato said: “I am satisfied with the results achieved also in this third quarter, which closed with both revenues and profitability on the rise. Sales in the first nine months increased by 6% thanks to the positive performance of the multibrand channel, up by 7%, and the comparable sales of our direct and franchised stores, up by 4%.”

He continued: ”Looking at the first indications for 2016, the positive trend in orders received in the multibrand channel for the upcoming spring season, up by 10%, testifies the soundness of the path taken in our main areas of activity, from product innovation, to marketing, specialisation of the distribution network and supply chain.”


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