Aug 10, 2020
E-commerce sales jump above 40% for Geox in H1
Aug 10, 2020
The Italian brand reported a 39 per cent sales decline to €243.6 million in its first half that ended on June 30, compared to sales of €399.4 million in the same period last year. But the group's direct e-commerce channel continued to record significant growth above 40 per cent year-on-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.
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 customers' stores for around two months. Sales in the franchise 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).
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 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.
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