November 8, 2017 / 6:05 PM / a year ago

Geox cuts 2017 revenue forecast as retail overhaul drags

Nov 8 (Reuters) - Italian shoe maker Geox cut its 2017 revenue forecast on Wednesday due to an ongoing overhaul of its retail business, although it still forecast a “material” rise in profitability.

The maker of breathable yet waterproof footwear said in July it expected a slight increase in turnover and profitability growth, despite challenging market expectations.

Geox provided a consensus of analyst forecasts in March which saw 2017 earnings before interest, taxation, depreciation and amortisation (EBITDA) of 76 million euros ($88 million).

Geox said on Wednesday its revenue had fallen 0.9 percent to 732.7 million euros in the first nine months of 2017.

The Italian firm’s wholesale business, which is its main growth driver, saw revenues rise 2.0 percent in the period, while its spring/summer 2018 order backlog was up 3.5 percent.

Geox only disclosed revenue in the nine-month update. ($1 = 0.8629 euros) (Reporting by Silvia Recchimuzzi; editing by Alexander Smith)

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