Geox posts in-line earnings after reorganisation
MILAN, Feb 26 (Reuters) - Italian shoe maker Geox (GEO.MI) posted a 17 percent fall in 2009 core earnings after a reorganisation of its production and distribution, meeting consensus, the company said on Friday 26 February.
Geox breathable soles
Geox, known for its "no sweat" shoes, said in a statement that EBITDA was 166 million euros ($225.6 million), in line with a Reuters mean consensus, while sales fell 3 percent to 865 million euros.
"The group ... has used this moment of weakness in consumption to rationalise and make more efficient its own production and distribution structure," it said.
Several analysts had forecast full-year sales at around 861 million euros.
Footwear sales, which represent 89 percent of turnover, fell 5.2 percent to 766 million euros.
Geox has just opened a "Breathing Building" shop, its biggest flagship store in Milan, with a facade that is covered with 734 micro-perforated stainless steel panels which can tilt outwards.
At 1323 GMT Geox shares were up 1.8 percent at 4.67 euros. ($1=.7359 Euro) (Editing by Hans Peters)