May 14, 2009
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Geox Q1 net falls, confident of growth ops

May 14, 2009

MILAN, May 14 - Italian shoe maker Geox (GEO.MI) saw net profit fall nearly 10 percent in the first quarter and said on Thursday 14 May it was confident of future opportunities to grow further.

Geox Spring-Summer 2009

Geox, the maker of "no sweat" shoes, said in a statement sales rose 5 percent to 384.2 million euros ($520.8 million).

Net profit was 72.4 million euros compared with 80.1 million euros a year ago.

Despite the tough economic climate that has hurt consumer spending, founder and Chairman Mario Moretti Polegato said he was "satisfied" with the results.

"Even though the global economic trend in consumer spending is still very weak, we believe that thanks to our flexible business model and to the actions that we introduced to hold down costs, Geox will be able to take advantage of this downturn," he said in the statement.

He added that he was confident Geox would have opportunities to grow.

Shoe sales -- representing 91 percent of consolidated sales -- rose 3 percent. Apparel sales rose 33 percent.

Shares were down 0.17 percent at 5.95 euros at 0940 GMT, while Milan's S&P Mib was down 0.57 percent.

($1=.7377 Euro)

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