Geox, 2023 Ebitda rises, revenues stable, CEO leaves, Mistron in his place

Geox closes 2023 with Ebitda of €89 million, up from €79.4 million in 2022, on consolidated revenues of €720 million, down 2.2 percent at current exchange rates and essentially stable at constant exchange rates (+0.3 percent).

Operating income stands at 15.6 million from 4.3 million in 2022.

This is according to a note from the company, which also announced the consensual termination of CEO Livio Libralesso's employment with immediate effect.

The agreement provides for the recognition of an amount of 1,500,000 euros gross. The BoD simultaneously appointed new CEO Enrico Mistron, after a 25-year career at Luxottica.

"FY 2023 looks like a year of stabilization after the strong increases recorded in the previous two years," Chairman Mario Moretti Polegato commented in the note.

As for estimates for the current year, the company takes a cautious approach with revenue expectations for FY2024 substantially in line with FY2023 and gross margins expected to improve slightly further from the previous year.

(Giancarlo Navach, editing Claudia Cristoferi)