Geox SpA Reports Consolidated Earnings Results for the First Half of 2014; Confirms Financial Guidance for 2014
Jul 31 14
Geox SpA reported consolidated earnings results for the first half of 2014. For the period, the company reported net sales of €400,180,000 against €386,795,000 a year ago. Operating result was €77,000 against €6,845,000 a year ago. EBIT was €77,000 against €171,000 a year ago. LBT was €3,102,000 against €1,917,000 a year ago. Net loss was €3,903,000 or €0.02 per share against €3,640,000 or €0.01 per share a year ago. EBITDA was €20,739,000 against €21,949,000 a year ago. EBITDA adjusted was €20,739,000 against €26,783,000 a year ago. Cash flow used in operations was €10,549,000 against €13,447,000 a year ago. Net capital expenditure was €9,773,000 against €17,972,000 a year ago. Capital expenditure was €11,648,000 against €18,465,000 a year ago.
The expectations of a positive second half compared with the same period last year, management confirms the objectives set in the Business Plan for 2014 with an increase in revenues to around €800 million and a return to break-even at EBIT level.
Geox S.p.A. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Year 2014
May 15 14
Geox S.p.A. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported consolidated net sales increased by 2.3% (3.1% at constant exchange rates) to EUR 268.469 million against EUR 262.545 million a year ago. Operating result was EUR 17.391 million against EUR 30.678 million a year ago. EBIT was EUR 17.391 million against EUR 30.678 million a year ago. PBT was EUR 15.865 million against EUR 29.004 million a year ago. Net result was EUR 10.047 million or EUR 0.04 per share against EUR 18.998 million or EUR 0.07 per share a year ago. EBITDA was EUR 27.803 million against EUR 40.470 million a year ago. EBITDA adjusted was EUR 27.803 million against EUR 40.470 million a year ago. Cash outflow from operations was EUR 47.860 million against EUR 44.029 million a year ago. Capital expenditure was EUR 5.415 million against EUR 11.764 million a year ago. Net capital expenditure was EUR 5.205 million against EUR 11.397 million a year ago.
The company provided earnings guidance for the year 2014. For the year, the company expects around EUR 800 million sales with the EBIT returning to break-even. This result is subject to the stabilization of the wholesale channel. The assumptions are that: EMEA and North America will still show a residual weakness in the first half, which will be recovered in the second half, the backlog of initial orders already acquired that shows an increase over the previous season; Asia confirms the significant growth rates of the first half of 2014 the orders already received for the second half of the year; maintaining the volume of sales and doors in the franchising channel and the improvement in performance with at least a slight increase in comparable sales during the year as a result of implementing the techniques and processes already applied to the DOS network in this channel as well; a growth in the directly operated stores (DOS) channel, with about 20 net openings and a growth in comparable sales of existing stores; a second half improvement in the gross margin due to a combination of pricing policies and limited promotional sales, as well as a reduction in the complexity of the supply chain; the current situation of unfavorable exchange rates for the groups that consolidate their foreign businesses in euro will not generate material adverse translation effects. With regard to the first half 2014 sales are assumed to be slightly positive with an expected positive performance by the directly operated stores channel, which should balance the expected temporary weakness of the wholesale and franchising channel. This change in the channel mix will still result in a residual pressure on first half EBIT compared with the same period last year.
Columbia Sportswear Company Grants Preliminary Injunction Against Geox for Infringement of OutDry Waterproof-Breathable Footwear Patent
May 2 14
Columbia Sportswear Company and its OutDry Technologies announced an April 29 ruling of the Court of Milan, Italy, granting a preliminary injunction against defendants Geox S.p.A., Geox s.r.l., and Nibar S.r.l., in connection with the sale of certain Amphibiox branded shoes in Italy. The court, after determining that some Amphibiox shoes likely infringed an OutDry patent used to create waterproof-breathable footwear, authorized the seizure of certain Amphibiox products and issued an injunction to prevent further sale of the offending footwear. The interim decision is subject to appeal.