Italian shoemaker Geox first half sales fall more than 9%

(Reuters) -Italian shoemaker Geox posted a 9.4% drop in sales for the first six months of the year, at current exchange rates, to 320.4 million euros ($346.83 million).

"The first half of 2024, consistent with what we have seen in the first months of the year, has proven extremely challenging due to the persistence of complex market conditions," Chief Executive Enrico Mistron said in a statement.

The group said that inflationary pressure and tight monetary policy continue to negatively impact market dynamics and consumer behaviour.

The most negative sales performances were registered in Russia, China and the Middle East, Geox said, while sales fell 1.7% from the year earlier period in Europe, a region that generated 45.7% of its total revenue in the first half.

Geox said in May that it expected a mid-sigle digit drop in full-year revenue, while maintaining its outlook for a 50 basis-point increase to its operating margin.

($1 = 0.9238 euros)

(Reporting by Philippe Leroy Beaulieu; Editing by Kirsten Donovan)