ANNEXES
GEOX GROUP 1H20 RESULTS
SEPTEMBER 17, 2020
1H20 RESULTS| HIGHLIGHTS
- SALES AT EURO 243.6 MILLION (-39.0%), DUE TO THE TEMPORARY STORE CLOSURES CAUSED BY THE COVID-19 EMERGENCY.
- THE NETWORK OF DIRECTLY OPERATED STORES (DOS) IS CURRENTLY FULLY OPERATIONAL. PERFORMANCE IS GRADUALLY RECOVERING, WITH SALES IN DIRECTLY OPERATED STORES RETURNING TO GROWTH IN AUGUST WITH THE LAUNCH OF THE SUMMER SALES.
- THE E-COMMERCE CHANNEL CONTINUES TO RECORD STRONG GROWTH: +40% SINCE THE BEGINNING OF THE YEAR (+59% IN THE SECOND QUARTER ALONE), THANKS TO THE ACQUISITION OF NEW CUSTOMERS.
- AS AT 30 JUNE, THE DIGITAL CHANNEL (DIRECT AND INDIRECT) REPRESENTED AROUND ONE QUARTER OF THE GROUP'S TOTAL REVENUES, WITH GOOD LEVELS OF PROFITABILITY.
- THE DIGITAL TRANSFORMATION OF THE BUSINESS MODEL IS GATHERING SPEED, AIMED AT PERFECTLY INTEGRATING THE PHYSICAL AND DIGITAL CHANNELS, WITH AN INCREASINGLY OMNICHANNEL APPROACH.
- ADJUSTED EBIT* AMOUNTS TO EURO -70.6 MILLION, REFLECTING THE FACT THAT SALES PRACTICALLY HALTED IN THE SECOND QUARTER DUE TO THE LOCKDOWN AND INCLUDING AN EXTRAORDINARY INVENTORY WRITE-DOWN(EURO 15 MILLION).
- SIGNIFICANT COST REDUCTION (-15% COMPARED WITH THE PREVIOUS YEAR)
- THE GROUP'S BALANCE SHEET AND FINANCIAL POSITION IS SOLID AND, THANKS TO THE ACTIONS TAKEN, IT HAS BEEN ABLE TO KEEP ITS LEVEL OF DEBT UNDER CLOSE CONTROL DESPITE THE EFFECTS OF THE PANDEMIC. THE NET FINANCIAL POSITION AT 30 JUNE 2020 (PRE IFRS 16) AMOUNTS TO EURO - 88.8 MILLION (EURO - 30.8 MILLION AT 30 JUNE 2019). CASH WAS GENERATED IN JULY AND AUGUST THANKS TO THE GOOD PERFORMANCE OF THE SUMMER SALES AND PAYMENTS BEING SUCCESSFULLY COLLECTED FROM CLIENTS.
* BEFORE THE RESTRUCTURING EXPENSES AND IMPAIRMENT FOR EURO 13.3 MILLION. | 2 |
1H20 RESULTS| COVID- 19 IMPACTS ON THE INDUSTRY: WHOLESALE AND RETAIL
W37 | |||||||||||||||||||||||||
DEC 19 | JAN | FEB | MAR | APR | MAY | JUNE | JULY | AUG | SEP | OCT | NOV | ||||||||||||||
COVID 19 SCENARIO | ||
LOCKDOWN | PROGRESSIVE RECOVERY IN | |
TRAFFIC (FROM -80% TO HIT - 15% | ||
PERIOD | ||
AND THEN -30%) | ||
STORE CLOSURES
SS20 | PRE -SPRING | FULL PRICE SEASON | OFF PRICE SEASON |
HARD STOP/CANCELLATIONS
INITIAL ORDER COLLECTION
ISSUES ON SUPPLY CHAIN
FW20 | ORDER TO SUPPLIERS, PRODUCTION, DELIVERIES |
FLOWS CANCELLED | LOW ER |
TRAFFIC/VACCINE(?) | |
PRE-FALL | FULL PRICE SEASON |
WEAK MARKET CONDITIONS
SS21 | INITIAL ORDER COLLECTION |
W37
JAN 21 | FEB 21 | |||
DEC | ||||
OFF PRICE SEASON
EARLY DELIVERIES SHIFT(?)
PRE -SPRING
WHS IMPACTS
- ORDER CANCELLATIONS
- LOWER RE-ORDERS
- LOWER PROMOTIONS AND STOCK SALES
- WHS SUPPORT PACKAGE
- ORDER CANCELLATIONS (-21%)
- EARLY DELIVERIES SHIFT
- OTB: -21%
- DELIVERIES DELEAYED
- SOFT START OF THE FW20 SEASON
- PRUDENT APPROACH FROM CUSTOMERS ON INITIAL ORDER COLLECTION
- EARLY DELIVERIES SHIFT (?)
3
1H20 RESULTS | DOS (B&M REGULAR) - TRAFFIC AND LFL EVOLUTION -
DOS: TRAFFIC AND LFL TREND BY RE-OPENINGS (GROUP)
LFL TRAFFIC
END OF THE SALES
SEASON IN FRANCE
START OF THE SALES
SEASON IN FRANCE
BACK | TRANSITION |
TO SCHOOL | TO FW20 |
• HOT WEATHER
• INCREASING CONCERNS ON
COVID - 19/ NEW CONTAGIONS
• SHIFT TO FULL PRICE
START OF THE SALES
SEASON IN ITALY
START OF THE SALES | ..LEVERAGING ON |
OUR STRONG | |
SEASON IN SPAIN | |
COLLABORATIONS
START OF THE SALES
SEASON IN GERMANY
AND AUSTRIA
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Geox S.p.A. published this content on 17 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2020 15:49:00 UTC