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Italy's Geox posts drop in 2016 core earnings
March 2, 2017 / 5:39 PM / 9 months ago

Italy's Geox posts drop in 2016 core earnings

March 2 (Reuters) - Italian shoemaker Geox reported on Thursday a 23 percent drop in 2016 core earnings, and missed the sales and margin targets set out in its 2016-18 plan.

The company said earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 47.6 million euros ($50.0 million) last year.

Sales rose 3 percent to 900.8 million euros, below the average growth target of 6.5 percent in its 2016-18 plan, while the margin fell to 5.3 percent from 7.1 percent compared with its goal for an improvement towards 10-11 percent in 2018.

Geox proposed a dividend of 0.02 euros per share on its 2016 results, down from 0.06 euros the previous year.

$1 = 0.9512 euros Reporting by Silvia Recchimuzzi in Gdynia; Editing by Mark Potter

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