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By
Reuters
Published
Jul 28, 2009
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Geox first half revenues up, sees full year sales flat

By
Reuters
Published
Jul 28, 2009

MILAN, July 28 (Reuters) - Italian shoemaker Geox (GEO.MI) reported a 4 percent rise in first-half revenues but a fall in net profit and confirmed its full-year target for sales "broadly in line" with last year's.


Geox breathable soles

The maker of "no sweat" shoes said in a statement net profit was 64.6 million euros from 78.6 million euros a year ago. The figure was adjusted for non-cash, non comparable costs, it said.

Sales were 482.9 million euros for the first half. For all of 2008 they were 892.5 million euros.

"Based on the sales achieved in the first half and on the positive start of the Autumn/Winter season, I believe that Geox (full year) sales will be broadly in line with those of 2008," Chairman Mario Moretti Polegato said in the statement.

A slide on the company's website showed Autumn/Winter orders were down 9 percent.

Polegato said Geox was taking steps to tighten its "already streamlined" supply and distribution chain.

Footwear sales, which represent 90 percent of turnover, rose 1.2 percent to 438.3 million euros, while apparel sales rose 43 percent to 44.6 million euros.

The company's shares were up 3.2 percent at 5.345 euros at 1049 GMT. (Writing by Nigel Tutt, editing by Will Waterman)

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