(Alliance News) - Geox Spa reported Friday that the group's 2023 revenues were EUR719.6 million, down 2.2 percent from EUR735.5 million in 2022, but up 0.3 percent at constant exchange rates. Revenues, the company specified in a note, "were mainly affected by the negative performance of the DOS channel and only partially offset by the positive performance of the Multibrand channel."

Results for the fourth quarter were lower than the previous year with revenues from sales reaching EUR138 million, down 17 percent at current exchange rates.

Ebitda, on the other hand, was up to EUR89.0 million from EUR79.4 million in 2022, with its share of sales rising to 12 percent from about 11 percent.

Operating income stood at EUR15.6 million up from EUR4.3 million in 2022.

"In spite of the difficulties faced in approaching a market, which is increasingly complex and characterized by consequent changes in consumption habits, the group, thanks also to the careful and in-depth rationalization process of non-profitable activities and the streamlining of the cost base, has managed to increase its operating marginality both in absolute and relative terms," the company specified in a note.

Net financial position stood at minus EUR93.1 million from minus EUR49.8 million recorded in December 2022.

As for the future, the persistence of the uncertainty, variability and complexity of the domestic and international macroeconomic environment will have a "significant impact on the behavior and purchasing power of customers," Geox specifies in a note.

The company, therefore, will take "a prudent approach" with revenue expectations for FY2024 broadly in line with FY2023 and gross margins expected to improve slightly further - 50 bps - from the previous year.

The board of directors resolved to submit to the shareholders' meeting for approval a plan for the purchase and disposal of treasury shares, which envisages the purchase of a number of ordinary shares not exceeding 10 percent of the share capital, valid for a period of 18 months starting from the date of the relevant shareholders' meeting resolution, thus expiring on October 19, 2025, subject to revocation of the previous plan authorized by the shareholders' meeting on April 20, 2023.

The board also approved the agreement for consensual termination of employment and administration relations with Livio Libralesso and appointed Enrico Mistron as the new CEO.

"The appointment is part of a process of strengthening the team by enriching it with professional skills that are fundamental for addressing the strategic areas underlying the development of the new business plan. In this perspective, the new CEO will be supported by the newly appointed CFO, Andrea Maldi, who also boasts a consolidated track record in multinational groups and listed companies," the note further reads.

Geox's stock closed Friday 2.0 percent in the red at EUR0.72 per share.

By Chiara Bruschi, Alliance News reporter

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