(Alliance News) - Geox Spa on Thursday released preliminary consolidated revenues for fiscal year 2023, which came in at EUR719.6 million, down 2.2 percent from the previous year when they were EUR735.5 million, up 0.3 percent at constant exchange rates, affected mainly by the negative performance of the DOS channel - Directly Operated Stores - and only partially offset by the positive performance of the Multi-brand channel.

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

Net financial position as of December 31, 2023 was negative EUR93.1 million from EUR49.8 million as of December 31, 2022.

Management, the company writes in a note, expects for fiscal year 2024 "revenues substantially in line" with 2023 and a "slight further improvement in industrial margins compared to 2023 guidance."

"The group," the company points out, "thanks also to the always careful and deep process of rationalization of non-profitable activities and the cost base, has continued its investments in the most strategic sectors for the business, such as marketing, digital and product innovation.

"The continuing complexity and uncertainty that have affected the industry leads us, in any case, to maintain a prudent approach focused on growth in the most profitable markets. In this regard, management is engaged in defining the new 2024-2027 strategic plan, which will be

presented during the 2024 fiscal year."

Geox's stock closed at a par at EUR0.76 per share.

By Chiara Bruschi, Alliance News reporter

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