Geox has reported its financial results for the first nine months of the 2024 fiscal year, when sales were down 9.7% (9% at constant exchange rates) to €525.5 million.

Credit: Geox

In the nine months, footwear sales totalled €476.7 million, declining by 9.4% year-on-year, while apparel sales (which are 9.3% of all sales) were down 12.3% to €48.76 million.

The wholesale channel had sales of €274.6 million in the period, dropping 15.4% and making up 52.3% of the total. Geox shops, meanwhile, were down 2.6% to €250.87 million and comprised 47.7% of sales.

The company’s home market of Italy saw a drop of 9.6% in the year so far to €143.69 million and made up 27.3% of total sales, while the rest of Europe was down 3.3% to €238.82 million and totalled 45.5% of sales. North America had a decline of 9.4% to €19.28 million and comprised 3.7%. Finally, making up 23.5% of sales, other countries were down 20.2% to €123.67 million.

In October, Geox notably announced the closure of its New York City office and reassessing of its U.S. business as it attempts to deal with falling sales.

CEO Enrico Mistron said: “In line with the network optimisation initiatives already undertaken, management has launched a further revision of its distribution model to better address current and future market needs. In this context, the group initiated procedures in order to close direct operations in China and in the United States with the aim of replacing the current distribution models with more effective, locally adapted solutions.

“It must be emphasised that, in recent years, operations in these markets have not been profitable, and their contribution to group sales has been marginal. Nevertheless, Geox remains committed to reasserting its position in these markets through the establishment of new strategic partnerships.”