Geox, the footwear specialist, saw sales fall 2.2% to €720 million compared to the prior year. Its fourth quarter sales dropped 17.3% to €138 million for the same period. Its directly-operated stores accounted for 40% of the sales for the year, reaching €287.5 million while its wholesale accounted for 51.7% of its sales reaching €371.8 million, and its franchising sales reached €60.2 million. In its home country, Italy, sales rose 3.1% while in Europe, sales dropped 7.1% due in part to a poor performance in the German market and specifically in the multi-brand channel. In North America sales fell 10.1%.

The footwear specialist is taking a “conservative approach” to sales expectations for FY24, forecasting that it will broadly fall in line with FY23 as recent international tensions can lead to “significant negative effects” on the demand of international markets and lead to further uncertainty amongst customers.