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By
Reuters
Published
May 19, 2010
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Geox sees first half sales drop in line with first quarter's

By
Reuters
Published
May 19, 2010

MILAN, May 18 (Reuters) - Italian maker of "no sweat" shoes Geox SpA (GEO.MI) forecast on Tuesday 18 May that its drop in first-half sales could be line with the first quarter's downturn.


www.Geox.com

The company had reported first-quarter revenues of 333.1 million euros ($413.6 million) on Friday 14 May, down 13 percent from the year before and short of analysts' expectations. Geox forecast a 5-10 percent drop in sales this year.

Events between approval of 2009 results in April and of first-quarter results this month "induce the board of directors to believe that the first half of 2010 might close with a sales decrease in line with the first quarter of 2010", it said in a statement.

They include sales in February, March and April and customers' worsening financial conditions, Geox said.

Geox's share price has dropped 16 percent since Thursday 13 May. It closed up 0.48 percent on Tuesday 18 May at 4.16 euros after touching a 16-month low. (Reporting by Ian Simpson; Editing by Hans Peters) ($1=.8054 Euro)

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