ROME (DOW JONES)--Italian shoemaker Geox SpA (GEO.MI) Thursday
reported a 33% drop in first-half net profit on lower sales and
costs related store openings.
However, revenue in the second quarter rose 4% on year, which
Geox's founder and chairman, Mario Moretti Polegato, said
highlighted an "encouraging performance" from the company's
stores.
In a statement to the Italian stock exchange, Geox said its
first-half net profit fell to EUR37.9 million from EUR56.6 million
a year earlier.
Best known for its "breathable" shoes, Geox said first-half
earnings before interest and taxes, or EBIT, fell to EUR59.0
million from EUR96.5 million in the first half of 2009.
Revenue for the first half slipped to EUR435.5 million from
EUR482.9 million a year earlier.
At 1205 GMT, Geox's shares were up EUR0.17, or 4.3%%, at
EUR4.18, outperforming the Milan's index of leading shares, which
was up 0.9%.
-By Chiara Vasarri, Dow Jones Newswires; +39 06 69766923;
chiara.vasarri@dowjones.com