(Alliance News) - Geox Spa reported Thursday that it closed the first nine months with revenues up to EUR582.0 million from EUR569.1 million in the same period last year.

In terms of regions, revenues in Italy rose to EUR158.9 million from EUR149.8 million, but in Europe they fell to EUR246.9 million from EUR260.6 million and in North America they fell to EUR21.3 million from EUR23.2 million. Good in Other Countries, where revenues rose to EUR154.9 million from EUR135.5 million.

By product category, Footwear revenues rose to EUR526.4 million from EUR517.6 million and Apparel revenues increased to EUR55.6 million from EUR51.5 million.

The set of rationalization actions taken and the derivative hedges made on exchange rate and interest rate risk made it possible to keep the Net Financial Position under control, which at the end of September stood-before-IFRS 16 and after the fair value of derivative contracts-at minus EUR129 million from minus EUR49.8 million in December 2022 and minus EUR44.6 million in September 2022. Net bank debt stands at minus EUR139.1 million from minus EUR75.7 million in December 2022 and minus EUR114.2 million in September 2022 and reflects the net working capital cycle.

For the full year, the company expects revenues to grow "low to mid single digits" at constant exchange rates, and with regard to gross margins, it believes this can rise further than the year-end guidance previously given to reach an overall improvement of 250/300 bps on the previous year, thanks to discount containment policies and supply chain cost structure efficiencies.

Geox's stock closed Thursday up 1.0 percent to EUR0.69 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.