(Alliance News) - Geox Spa reported Tuesday that it closed the first quarter with revenues down 14 percent to EUR193.6 million from EUR223.7 million recorded in the first three months of 2023.

The decline, the company wrote in a note, was mainly attributable to the performance of the Multibrand channel and Franchising stores only partially mitigated by the positive performance of the DOS Digital channel.

Revenues from multi-brand stores, in fact, accounting for about 55 percent of the group's revenues, stood at EUR106.8 million compared to EUR136.1 million in March 2023. "This negative performance," Geox points out, "is mainly attributable to an order intake of the SS24 collections that was significantly lower than expected and above all to the performance, on the contrary extremely positive, recorded in the previous year for the SS23 collections.

Net working capital amounted to EUR163.0 million from EUR116.7 million as of December 31, 2023.

"Considering the uncertain short-term geopolitical and macroeconomic scenario, which still characterizes our main reference markets," the statement continues, the company "confirms operating margins up by 50 bps over the full year compared to the previous year and redefines full-year 2024 revenue forecasts in mid-single digit reduction compared to FY2023."

Geox's stock gives up 0.9 percent to EUR0.66 per share.

By Chiara Bruschi, Alliance News reporter

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