Geox, an Italian brand of shoe and clothing, reported 39 per cent sales decline to €243.6 million in its first half (H1) for fiscal year 2020 ended on June 30, 2020 compared to sales of €399.4 million in same period last year. Group's direct e-commerce channel continued to record significant growth above 40 per cent compared to same period last year.
Geox, an Italian brand of shoe and clothing, reported 39 per cent sales decline to €243.6 million in its first half (H1) for fiscal year 2020 ended on June 30, 2020 compared to sales of €399.4 million in same period last year. Group's direct e-commerce channel continued to record significant growth above 40 per cent compared to same period last year.#
“After the year got off to a good start, with our stores recording positive sales up until the start of February 2020, Covid-19 has had, and continues to have, significant health, economic and social repercussions on a global scale,” Mario Moretti Polegato, chairman and founder of Geox, said in a press release.
Geox, an Italian brand of shoe and clothing, reported 39 per cent sales decline to €243.6 million in its first half (H1) for fiscal year 2020 ended on June 30, 2020 compared to sales of €399.4 million in same period last year. Group's direct e-commerce channel continued to record significant growth above 40 per cent compared to same period last year.#
Sales generated by wholesale stores during H1 FY20 were €121.4 million (H1 FY19: €185.7 million). The trend during the first half was fully down to the temporary closure of wholesale stores for approximately two months. Sales in the franchising channel were down 53 per cent to €17.8 million (€37.8 million). Sales in directly operated stores (DOS), fell 40.6 per cent to €104.4 million (€175.8 million).
Geox, an Italian brand of shoe and clothing, reported 39 per cent sales decline to €243.6 million in its first half (H1) for fiscal year 2020 ended on June 30, 2020 compared to sales of €399.4 million in same period last year. Group's direct e-commerce channel continued to record significant growth above 40 per cent compared to same period last year.#
Sales during the six months period were down in all the regions: Italy sales dropped 48.4 per cent to €59.9 million (€116.2 million). While in Europe sales declined 34.9 per cent to €113.7 million (€174.8 million). North America sales decreased 46.6 per cent to €11.7 million (€22.0 million).
Geox, an Italian brand of shoe and clothing, reported 39 per cent sales decline to €243.6 million in its first half (H1) for fiscal year 2020 ended on June 30, 2020 compared to sales of €399.4 million in same period last year. Group's direct e-commerce channel continued to record significant growth above 40 per cent compared to same period last year.#
“Geox is dealing with these exceptional circumstances, fully aware of the ongoing difficulties and changes involved yet paying close attention to the potential opportunities that this situation may present for a group as solid and important as ours,” Polegato said.
Fibre2Fashion News Desk (JL)
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