Geox S.p.A. reported revenues rose 6.7 percent in the first half, to €400.2 million ($447.1 mm). Earnings reached €1.13 million ($1.26 mm) against a net loss of €3.9 million a year ago.
EBITDA grew 28.5 percent to €26.6 million ($29.7 mm). Gross margins improved to 51.8 percent from 49.2 percent, reflecting steps taken in terms of product mix, channels and prices.
By region, sales in its home market of Italy increased 6.3 percent to €142.2 million ($158.9 mm). Sales in Europe expanded 3.4 percent to €182.8 million ($204.2 mm). North American sales grew 18.6 percent to €28.8 million ($32.2 mm) and advanced 3.4 percent on a currency-neutral basis.
“While global growth remains challenged, signs of modest improvement are evident, and we remain optimistic that the Group's revenues and profitability will continue to grow in 2015,” said Chairman Mario Moretti Polegato.
Looking ahead, Polegato said net income is expected to increase to levels substantially in line with market expectations with forecasts ranging from €68 to €70 million for the year.
Contributing to the projections are an 8 percent increase in the order backlog for the multi-brand channel for the fall/winter season. The performance in the EMEA region has also more than compensated for the weakness in Asia in the wholesale channel. Comparable-store sales at both directly operated stores and franchised stores have grown and are in line with management's expectations.
