Italian shoemaker Geox SpA (GEO.MI) Friday said net profit fell 19% in the first nine months of the year, mainly due to lower sales and higher costs.

The company said its net profit fell to EUR72.4 million from EUR89.7 million in the same period a year earlier. This was higher than the average forecast of a Factset survey of six analysts for net profit of EUR70 million.

Earnings before interest and taxes, or EBIT, in the nine months ended Sept. 30, fell 26% to EUR113.8 million from EUR154.4 million a year earlier.

The Montebelluna-based company said that in the first nine months general and administrative costs rose to EUR171 million from EUR161 million, while advertising costs rose to EUR37 million.

Geox, best known for its "breathable" shoes, said revenue dropped to EUR736.5 million from EUR780 million in the first nine months of last year. Apparel sales rose 13% to EUR98 million, the company added.

Company Web site: http://www.geox.com

-By Francesca Angelini and Sabrina Cohen, Dow Jones Newswires; 39 02 5821 9906; francesca.angelini@dowjones.com
Geox (BIT:GEO)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Geox Charts.
Geox (BIT:GEO)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Geox Charts.