Half Year 2024 Geox SpA Earnings Call Transcript
Key Points
- Geox SpA (FRA:GHH) reported a good level of reorders, indicating strong product sell-through in wholesale stores.
- The direct digital e-commerce channel showed positive performance in the second quarter.
- There was a slight improvement in the direct brick-and-mortar channels during the second quarter.
- Cost reduction measures were implemented, resulting in a decrease in operating costs by EUR9 million in the first half of 2024.
- The company is preparing a new strategic plan for 2025-2027, focusing on building resilience and future growth in profitability and cash.
- Sales for the first half of 2024 contracted by 9.4% compared to the previous year.
- The wholesale business experienced a significant decline, down EUR27 million year-on-year.
- The closure of certain direct-operated and franchised stores negatively impacted sales.
- The EBIT was negative EUR5.5 million, reflecting a decrease in sales.
- The net financial position worsened, with an increase in net debt by EUR23 million compared to December 2023.
Good evening. This is the Chorus Call conference operator. Welcome and thank you for joining the Geox first-half 2024 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Luca Amadini, Investor Relations Manager of Geox. Please go ahead, sir.
Good evening, everybody, and thank you for joining our call today on Geox first-half 2024 results. This is Luca Amadini speaking. Let me introduce you to today's call speakers, the Geox Group CEO, Mr. Enrico Mistron; and the CFO, Mr. Andrea Maldi. Mr. Mistron will start by providing you a brief overview of our first half performance, and then Andrea will delve deeper into financial results. Following that, Enrico, Andrea will be happy to take your questions.
I need to remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information. Any forward-looking statements are based on the Group current expectations and
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