Latest news with #IFRS16
Fashion United
an hour ago
- Business
- Fashion United
Geox Spa H1 revenue down 4.7 percent
Geox Spa, listed on the Euronext Milan market managed by Borsa Italiana, has approved its consolidated results as of 30 June 2025. The first half of the 2025 financial year recorded a drop in turnover of approximately 15 million euros (-4.7 percent) compared to the first half of the previous financial year. Excluding the impact of the closure of the branches in China and the US, the drop is equal to 6.1 million euros (-1.9 percent), according to a press release. Gross margin remained stable in percentage terms on revenue (51.2 percent), thus resulting in a reduction in absolute terms of approximately 7.7 million euros. Geox H1 results impacted by weak consumer sentiment The company recently appointed a new chief executive officer: Francesco Di Giovanni, who has replaced Enrico Mistron. The new appointment is part of a process to accelerate the company's transformation. "The first half of the 2025 financial year continues to be influenced by complex general market conditions. Macroeconomic indicators confirm a still weak consumer dynamic, conditioned by a climate of low confidence and a consequent significant contraction in demand. Despite the context, we remain fully focused on executing the initiatives set out in our industrial plan, maintaining a rigorous approach focused on the most profitable markets, process optimisation and cost containment," specified Geox management. They added that during the first half, "the first part of the 30 million euro capital increase was successfully completed as defined by the financial manoeuvre, with full subscription by our shareholders. This result strongly motivates us and confirms the relaunch path undertaken." EBITDA (excluding the adjusted IFRS 16 impact) totalled 8.6 million euros compared to 4 million euros in the first half of 2024. The adjusted operating income was positive and amounted to 0.6 million euros compared to negative 5.5 million euros in the first half of 2024. The adjusted net result was negative 3.1 million euros compared to negative 15.4 million euros in the first half of 2024. Review of Geox results across core markets Revenue generated in Italy represented 29.6 percent of the group's revenue (27.8 percent in the first half of 2024) and amounted to 90.5 million euros, an increase of 1.6 percent compared to 89.0 million euros in the first six months of 2024. Revenue generated in Europe, equal to 47.4 percent of the group's revenue (45.7 percent in the first half of 2024), amounted to 144.7 million euros, compared to 146.4 million euros in the first half of 2024, a slight decrease (1.1 percent), mainly due to the negative performance in the DACH area and the Iberian Peninsula. Revenue from other countries totalled 70.1 million euros, down 17.5 percent (17.8 percent at constant exchange rates) compared to the first half of 2024, due to negative performance in both the multi-brand and direct channels. This decrease is mainly attributable to the different geographical scope, which in the first half included revenue generated in the US and China for a total amount of approximately nine million euros. Footwear represented 91.9 percent of consolidated revenue, standing at 280.7 million euros, with a decrease of 3.8 percent (4.0 percent at constant exchange rates) compared to the first half of 2024. Revenue from apparel sales totalled 8.1 percent of consolidated revenue, standing at 24.6 million euros, down 13.6 percent at current exchange rates (14.0 percent at constant exchange rates) compared to 2024. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Fashion Network
2 days ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
Fashion Network
2 days ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
Fashion Network
2 days ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
Fashion Network
2 days ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
