ANNEXES GEOX GROUP - 1Q21 SALES - MAY 13, 2021
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ANNEXES
GEOX GROUP - 1Q21 SALES -
MAY 13, 2021
1Q21 SALES AND CURRENT TRADING| EXECUTIVE SUMMARY
1Q21 PERFORMANCE AFFECTED BY TWO TEMPORARY FACTORS
POSITIVE EXPECTATIONS REGARDING 1H21 TREND
1Q21 SALES AND NFP CURRENT TRADING
❑ 1Q21 SALES AT 149 MLN€ (-18.9%, -35 MLN€). PERFORMANCE IS ❑ TRIPLE DIGIT GROWTH FOR LFL DOS IN THE LAST WEEKS THANKS
NOT COHERENT WITH THE EXPECTED TREND FOR 2021 DUE TO: TO AN EASIER COMPARISON BASE AND THE PROGRESSIVE RE-
OPENINGS.
- NETWORK RATIONALIZATION (-7.4 MLN€ IN TERMS OF IMPACT)
❑ 4M21 SALES SUBSTANTIALLY FLAT VS 4M20 (WHOLESALE +9%)
- TWO TEMPORARY FACTORS (-25 MLN€ IN TERMS OF IMPACT):
1) STRICTER LOCKDOWN MEASURES (34% DOS CLOSED IN 1Q21 VS ❑ LFL DOS: +3% YTD
15% IN 1Q20): -15 MLN€
2) SHIFT IN WHOLESALE DELIVERIES: -10 MLN€
❑ AS OF TODAY 28% OF DOS NETWORK CLOSED DUE TO
LOCKDOWN. DOS NETWORK RE-OPENINGS EXPECTED TO BEING
❑ STRONG PERFORMANCE IN RUSSIA (+48%) AND CHINA (+54%) COMPLETED AT THE END OF MAY
❑ ONLINE CONTINUES TO OUTPERFORM (+85%) ❑ POSITIVE EVIDENCES FROM NEW SS21 PROJECTS (SPHERICA AND
PLAYKIX)
❑ NWC AT 183 MLN€ VS 208 MLN€ IN 1Q20 (-25 MLN€)
❑ NFP adj* AT THE END OF APRIL (SEASONAL PEAK) AT -125 MLN€
❑ NFP adj* AT THE END OF MARCH AT -109.8 MLN€ VS -99.8 MLN€ AT
Grazia Special, 25 March 2021 THE END OF DEC 2020
*ANTE IFRS 16 AND AFTER FAIR VALUE HEDGE OF DERIVATIVES AT THE END OF MARCH. 2
ANTE IFRS 16 AND ANTE FAIR VALUE HEDGE OF DERIVATIVES AT THE END OF APRIL
GEOX SHOPS NETWORK| RATIONALIZATION PROCESS
GEOX SHOPS NETWORK - EVOLUTION BY TYPE GEOX SHOPS NETWORK - EVOLUTION BY AREA
IMPACT ON SALES 31-Mar-21 31-Dec-20 31-Mar-20
GEOX SHOPS of which DOS GEOX SHOPS of which DOS GEOX SHOPS of which DOS
31-Mar-21 31-Dec-20 31-Mar-20 DELTA SHOPS IN 1Q21 (MLN€)
ITALY 214 133 226 139 264 150
DOS 393 410 454 -61 -5 EUROPE 229 134 246 142 264 155
NORTH AMERICA 23 23 24 24 34 34
FRANCHISING 310 322 362 -52 -2.4
ROW 369 103 371 105 388 115
UNDER DISTRIBUTION TOTAL 835 393 867 410 950 454
AGREEMENTS 132 135 134 -2
TOTAL 835 867 950 -115 -7.4
1Q21 - EVOLUTION BY AREA
NET OPENINGS OPENINGS CLOSURES
ITALY -12 - -12
EUROPE -17 - -17
NORTH AMERICA -1 - -1
ROW -2 6 -8
TOTAL -32 6 -38
Paris, Rue de Rivoli
3
COVID-19 IMPACTS ON DOS | PROGRESSIVE IMPROVEMENT FROM MID-MARCH
DOS: OPERATING STATUS AND LFL
% DOS OPEN* ▪ 1Q21 IMPACTED BY THE HIGH PERCENTAGE OF
DOS CLOSED FOR LOCKDOWN (34% VS 15% IN
1Q20).
+108% +180%
+135% ▪ STRONG IMPROVEMENT FROM MID MARCH,
LFL IN % +2% +3%
2% THANKS TO AN EASIER COMPARISON BASE
(MONTHLY TREND) 10% 2% 1% 26% 34% 32% 36% 29% ▪ L4L TRIPLE DIGIT POSITIVE IN THE LAST WEEKS.
-11% 45% 42% 42%
60% -15% -18%
84% -29% -14%
% DOS CLOSED* -40% -40% ▪ LFL Q2 TO DATE: +165%. LFL YTD :+3%
-40%
-64% -55% ▪ ON LINE +85% IN 1Q21 (+51% YTD)
-63%
-86%
JAN FEB MAR APR MAY JUN JULY AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY
DOS: OPERATING STATUS AND LFL: DETAILS BY QUARTERS
1Q20 2Q20 3Q20 4Q20 1Q21 vs 1Q20 1Q21 vs 1Q19
LFL DOS, of which -20% LFL DOS, of which -59% LFL DOS, of which -16% LFL DOS, of which -40% LFL DOS, of which -15% LFL DOS, of which -40%
B&M -25% B&M -72% B&M -21% B&M -55% B&M -32% B&M -56% LFL VS 2019 SUBSTANTIALLY IN LINE WITH THE % OF
ONLINE 21% ONLINE 59% ONLINE 37% ONLINE 45% ONLINE 85% ONLINE 114% DOS CLOSED FOR LOCKDOWN
% DOS CLOSED 15% % DOS CLOSED 51% % DOS CLOSED 1% % DOS CLOSED 23% % DOS CLOSED 34% % DOS CLOSED 34%
-15 MLN€ SALES DUE TO LFL/LOCKDOWN
*NUMBER OF DOS CLOSED/OPEN DIVIDED BY TOTAL NUMEBER OF DOS ON DAILY BASIS; STARTING FROM NOVEMBER 2020, SOME DOS 4
HAVE BEEN TEMPORARILY CLOSED ONLY DURING THE WEEKEND
COVID-19 IMPACTS UPDATE ON DOS| RE-OPENINGS PHASE CLOSE TO COMPLETION
OPERATING STATUS BY COUNTRY IN 1Q21 RE-OPENINGS CALENDAR – MAIN COUNTRIES
% DOS CLOSED DURING 1Q21*
MAY, 22?
ITALY 39% MAY, 3 MAY, 19 ITALY (77 DOS
AUSTRIA (6 DOS) FRANCE (55 DOS) CLOSED IN WE)
EUROPE, of which 53%
FRANCE 45%
GERMANY 84%
AUSTRIA 42%
UK 100%
SPAIN 42%
BENELUX 11%
SWITZERLAND 55%
NETHERLANDS 75% APRIL, 12 MAY, 4 MAY, 20
UK (4 DOS) POLAND (10 DOS) CANADA/ONTARIO
CANADA/NORTH AMERICA 44% (10 DOS)
ROW, of which 6%
OPERATING STATUS SUBJECT TO CHANGE IN ALL MAIN
POLAND 52%
COUNTRIES IN RELATION TO COVID CONTAGIONS TREND
HUNGARY 31%
FOR GERMANY (20 DOS CLOSED) AN OFFICIAL DATE FOR
TOTAL 34% RE-OPENENINGS IS NOT AVAILABLE AS OF TODAY, AS WELL
FOR ITALY (SHOPPING MALLS)
❑ AS OF TODAY 28% OF DOS NETWORK IS CLOSED*: 86 DOS ARE ALWAYS CLOSED (55 IN FRANCE, 20 IN GERMANY, 11 IN CANADA) AND 77 DOS IN ITALY ARE CLOSED ONLY DURING
THE WEEKEND.
❑ DOS NETWORK RE-OPENINGS EXPECTED TO BE COMPLETED BY THE END OF MAY
▪ FLAT IN 1Q20
5
*NUMBER OF DOS CLOSED/OPEN DIVIDED BY TOTAL NUMEBER OF DOS ON DAILY BASIS; STARTING FROM NOVEMBER 2020, SOME DOS HAVE BEEN TEMPORARILY CLOSED ONLY DURING THE WEEKEND
NET SALES BY CHANNEL| 1Q21 SALES AND 1H21 ESTIMATE
1Q21 VS 1Q20
1Q20 1Q21
183
148
NET SALES BY 103
VERY STRONG PERFORMANCE IN APRIL IN ALL CHANNELS
CHANNEL 92
67 POSITIVE TREND ASSUMED IN MAY AND JUNE AS WELL
46
13 10
WHOLESALE FRANCHISING DOS TOTAL 1H21E VS 1H20
-10.6% -20.7% -31.2% -18.9%
-8.6% c. Fx -19.6% c.Fx -30.3% c. Fx -17.4% c. Fx
1H20 1H21E
• WHOLESALE: (i) PRUDENT INITIAL ORDER INTAKE (DONE
IN COLLABORATION WITH PARTNERS) (ii) POSITIVE LEVEL
OF RE-ORDERS (iii) DELIVERIES SHIFT (FROM MARCH TO
APRIL).
NET SALES BY CHANNEL (IN %) – 1Q21 - • FRANCHISING: (i) PERFORMANCE/LOCKDOWN (-4.7 MLN€)
(ii) POSITIVE TIMING EFFECT ON DELIVERIES (+3.8 MLN€)
[1Q20*]
(iii) NEGATIVE PERIMETER EFFECT (-2.4 MLN€)
WHS 62%
DOS 31% [56%*] • DOS: (i) LFL/LOCKDOWN (-15 MLN€) (ii) NEGATIVE WHOLESALE FRANCHISING DOS TOTAL
[37%*] PERIMETER EFFECT (-5 MLN€).
HIGH SINGLE
HIGH SINGLE HIGH SINGLE
DIGIT FLAT
DIGIT GROWTH DIGIT GROWTH
GROWTH
FRANCHISING 7%
[7%*]
6
NET SALES BY REGION| 1Q21 SALES AND 1H21 ESTIMATE
1Q21 VS 1Q20
1Q20 1Q21
183 VERY STRONG PERFORMANCE IN APRIL IN ALL CHANNELS
149
POSITIVE TREND ASSUMED IN MAY AND JUNE AS WELL
NET SALES BY 88
70
43 43 44
REGION 30
9 5
1H21E VS 1H20
ITALY EUROPE NORAM ROW TOTAL
-30.2% -20.0% -48.6% +0.7% -18.9%
-30.2% c. Fx -19.9% .c. Fx -45.9% c. Fx +7.7% c.Fx -17.4% c. Fx 1H20 1H21E
▪ ITALY: (i) LOCKDOWN/DOS CLOSURES (ii) NETWORK
OPTIMIZATION (-50 NET CLOSURES VS 1Q20 OR -20%).
ONLINE: +55%
▪ EUROPE: (i) LOCKDOWN/DOS CLOSURES (ii) NETWORK
OPTIMIZATION (35 NET CLOSURES VS 1Q20 OR -13%).
ONLINE: +98%
NET SALES BY REGION (IN %) -1Q21- ▪ NORAM: (i) LOCKDOWN/DOS CLOSURES (ii) NETWORK
[1Q20*] OPTIMIZATION (-11 NET CLOSURES VS 1Q21 OR -32%).
ONLINE: +88% ITALY EUROPE NORAM ROW TOTAL
ITALY 20% ROW 29%
[23%*] [24%*] ▪ ROW: APAC -20% WITH CHINA + 54% (LFL DOS +77%). LOW DOUBLE HIGH DOUBLE HIGH SINGLE
SLIGHTLY SLIGHTLY
EASTERN EUROPE +7% DRIVEN BY RUSSIA +48% (LFL DOS NEGATIVE
DIGIT DIGIT DIGIT
NEGATIVE
+44%). ONLINE (APAC): +22%. ONLINE (EAST. EUROPE): +109% GROWTH GROWTH GROWTH
NORAM 3%
[5%*]
EUROPE 48%
[48%*] NTIALLY FLAT IN 1Q20
7
NET SALES BY PRODUCT| 1Q21 SALES AND 1H21 ESTIMATE
1Q21 VS 1Q20
1Q20 1Q21 183
163
148
135
VERY STRONG PERFORMANCE IN APRIL IN ALL CHANNELS
NET SALES BY POSITIVE TREND ASSUMED IN MAY AND JUNE AS WELL
PRODUCT 20
13
1H21E VS 1H20
FOOTWEAR APPAREL TOTAL
-16.9% -34.5% -18.9%
-15.6% c.FX -32% c.FX -17.4% c. FX 1H20 1H21E
▪ FOOTWEAR: (i) LCOKDOWN/DOS CLOSURES
▪ APPAREL: (i) LOCKDOWN/DOS CLOSURES (ii) SEASONAL
EFFECTS
NTIALLY FLAT IN 1Q20
NET SALES BY PRODUCT (IN %) - 1Q21-
[1Q20*] FOOTWEAR APPAREL TOTAL
APPAREL9%
LOW DOUBLE LOW DOUBLE HIGH SINGLE
[11%*] DIGIT DIGIT DIGIT
GROWTH DECREASE GROWTH
FOOWEAR 91%
[89%*]
8
1Q21 SALES| FOCUS ON DIRECT ONLINE CHANNEL
ONLINE: LFL –TREND EVOLUTION FROM 2019 - DOS SALES BREAKDOWN (IN %) -1Q21-
[1Q20*]
85%
ONLINE 33%
[13%*]
51%
41%
DIRECT ONLINE 29% B&M 67%
[87%*]
FY19 FY20 1Q21 YTD
• STRONG PERFORMANCE IN ALL MAIN COUNTRIES, ESPECIALLY IN THE MARKETS MORE AFFECTED BY LOCKDOWN (ITALY, FRANCE,
GERMANY, SPAIN AND UK) AND MORE INVOLVED IN THE B&M RATIONALIZATION PROCESS
• DIRECT ONLINE REVENUES AT 33% OF TOTAL DOS REVENUES
• STRONG PERFORMANCE FROM KIDS (+106% IN 1Q21)
• LFL YTD +51% REFLECTING THE LESS PROMOTIONAL STRATEGY WITH A RELEVANT INCREASE ON AVERAGE ORDER VALUE IN Q2 TO DATE
9
1Q21 SALES| FOCUS ON DIRECT ONLINE CHANNEL
1Q21 REPRESENTS BY FAR THE BEST EVER QUARTER FOR THE OFFICIAL
E-COMMERCE STORE
mln€
25
Milioni
CONVERSION RATE
20 (INRATE
%) (IN%)
CONVERSION
15
10 • GMV* GREW MORE THAN USER SESSIONS
THANKS TO THE HIGHEST CONVERSION
RATE EVER RECORDED
5
• RETURN RATE REMAINED STABLE
0
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
GMV* SESSIONS
*REVENUES GROSS VAT, GROSS RETURNS
10DIRECT ONLINE CHANNEL| NEW CHECK-OUT IN 4Q20
STARTING FROM NEW CHECK-OUT, THE CART ABANDONMENT RATE SIGNIFICANTLY DECREASED
NEW CHECK-OUT
AFTER NEW CHECK-OUT
IMPLEMENTATION
CART ABANDONMENT RATE
-800 BPS
AVG % CART ABANDONMENT
% CART ABANDONMENT SESSIONS
11DIRECT ONLINE CHANNEL| NEW WEB LAYOUT – MOBILE FIRST - FROM NOVEMBER 2020
USERS PURCHASING ON MOBILE HIT SALES REVENUE PERFORMANCES
JANUARY 2021
DECEMBER 2020 NEW WEB LAYOUT
MOBILE FIRST THE BIGGEST MONTHLY GROSS
REVENUE FROM A SINGLE DEVICE
48% OF TOTAL REVENUE FROM MOBILE. THE FIRST
CATEGORY.
MONTH EVER WITH HIGHEST RELEVANCE FROM
SMARTPHONES.
IN DECEMBER 2020 SALES FROM DESKTOP USERS LOST ITS
PRIMATE, LEAVING IT TO MOBILE FOR THE FIRST TIME EVER.
ON JANUARY 2021 SESSIONS FROM SMARTPHONES BOOKED
THE HIGHEST REVENUE EVER FROM A SINGLE DEVICE
CATEGORY.
THE TREND CONTINUES: IN
1Q21 THE MAJORITY OF TOTAL
REVENUES CAME FROM MOBILE DEVICES.
12DIRECT ONLINE CHANNEL| A COLLABORATION WITH GOOGLE
WEBRANKING AND GEOX WORKED TOGETHER WITH THE GOOGLE TEAM TO INTEGRATE PAID SOCIAL DATA
INTO SA360.
ONLINE AND
WE INTEGRATED SOCIAL DATA DIRECTLY INTO SA360 FOR REPORTING ATTRIBUTION AND HIGH LEVEL
DATA ANALYTICS BIDDING DECISIONS.
GEOX COMBINED PERFORMANCE AND CONVERSION DATA INTO ONE INTERFACE, TO EASILY UNDERSTAND
CAMPAIGN PERFORMANCE ACCROSS SEARCH AND SOCIAL ENGINES.
TIME SAVING IN CAMPAIGN ROAS
MANAGEMENT (PERIOD OVER PERIOD)
+30% +6%
131Q21 SALES| NET WORKING CAPITAL AND NET FINANCIAL POSITION UNDER CONTROL
NET WORKING CAPITAL NET FINANCIAL POSITION
(ANTE IFRS16 AND ANTE FAIR VALUE HEDGE OF DERIVATIVES)
226
209 208
183 178 183 20
0
-20
-40
-60
-80
-100
-120
-140
2017 2018 2019 2020 1Q20 1Q21 -160
Dec Y-1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
% OF SALES 25.6% 25.3% 22.7% 33.2% 28.6% 36.6% 2019 2020 2021
(EURO MLN) MARCH 31, 2021 DEC 31, 2020 MARCH 31, 2020 DELTA 1Q21
VS 1Q20 • NET FINANCIAL POSITION adj* AT THE END OF APRIL 2021 AT -125 MILLION EURO
AND REPRESENT A SEASONAL PEAK
INVENTORIES 262.5 268.0 259.8 2.7
• OPERATING WORKING CAPITAL UNDER CONTROL (183 MLN€ VS 208 MLN€ IN
ACCOUNT RECEIVABLES 131.1 87.7 166.8 (35.7) MARCH 2020) THANKS TO A STRICT MANGEMENT OF RECEIVABLES, THE
RENEWAL OF THE VENDOR FINANCING PROGRAM AND THE REDUCTION IN
ACCOUNT PAYABLES (210.5) (178.2) (218.3) 7.8
PURCHASES.
OP. WORKING CAPITAL 183.1 177.6 208.3 (25.2) • OPERATING WORKING CAPITAL IS AT 36.6% OF REVENUES AT THE END OF MARCH
% ON SALES 36.6% 33.2% 28.6% 8.0 pp DUE TO THE REDUCTION IN TURNOVER.
14
*ANTE IFRS 16 AND ANTE FAIR VALUE HEDGE OF DERIVATIVESSUSTAINABILITY | NEW RELEVANT AWARDS
GEOX AWARDED AS:
GREEN STAR SUSTAINABILITY
SUSTAINABILITY LEADER 2021
2021
by La Repubblica A&F and ITQF by Il Sole24ore and Statista
GEOX AWARDED AMONG THE BEST 200
GEOX INCLUDED IN THE LIST OF 150
COMPANIES IN ITALY IN TERMS OF
COMPANIES “SUSTAINABILITY LEADER”
SUSTAINABILITY COMMITMENT ACCORDING TO
AFTER AN IN-DEPTH ANALYSYS ON 1,500
A SURVEY MADE BY ISTITUTO TEDESCO
COMPANIES BASED ON 35 KPIs DISCLOSED
QUALITA E FINANZA (ITQF) BASED ON PURE
IN NON FINANCIAL STATEMENT (ESG)
SOCIAL LISTENING
….
….
…..
151Q21 SALES| OUTLOOK 2021
❑ STRONG IMPROVEMENT IN PERFORMANCE FROM MID-MARCH
❑ CONSIDERING THAT:
▪ LFL DOS (WEEK 18): +3% YTD (+165% 2Q TO DATE)
▪ WHOLESALE (END-APRIL): +9% VS 4M20
▪ POSITIVE FW21 INITIAL ORDER COLLECTION (WHOLESALE) 1H21E SALES FY21E SALES
OUTLOOK HIGH-SINGLE DIGIT LOW-TO- MID
❑ ASSUMING THAT: GROWTH DOUBLE DIGIT GROWTH
▪ DOS NETWORK RE-OPENINGS WILL BE COMPLETED BY THE
END OF MAY
▪ NO MORE STORES LOCKDOWN IN 2H21
❑ GEOX TRANSFORMATION JOURNEY IS WELL ON TRACK
(see the next page for a summary at a glance)
16GEOX TRANSFORMATION JOURNEY| IT WON’T BE THE SAME COMPANY
FIRST TANGIBLE ACTIONS
ANNEXES ▪ SPHERICA AND PLAYKIX IN SS21
COLLECTION
▪ NEW GLOBAL MARKETING TEAM
▪ DOS NETWORK RATIONALIZATION
▪ CANADA RESTRUCTURING PROCESS
CONCLUDED
▪ UK, JAPAN, US AND GERMANY
RESTRUCTURING PROCESS CLOSE TO
BE CONCLUDED
supported by
▪ NEW GLOBAL LEADERSHIP IN RETAIL
▪ NEW LEADERSHIP IN CANADA
▪ NEW LEADERSHIP IN CHINA
supported by
geox.com INCLUDED IN THE GEOX AWARDED BY IPSOS AND
TOP 500 ECOMMERCE IN NAMED BY KPMG IN RELATION TO
EUROPE BEST SHOPPING AND CUSTOMER
EXPERIENCE IN ITALY
17ANNEXES ANNEXES
1Q21 SALES| SHAREHOLDERS, GOVERNANCE AND CONTACTS
SHAREHOLDERS BOARD OF DIRECTORS
MARKET CHAIRMAN MARIO MORETTI POLEGATO
29% LIR* CEO LIVIO LIBRALESSO
71%
DEPUTY CHAIRMAN ENRICO MORETTI POLEGATO
DIRECTOR CLAUDIA BAGGIO
DIRECTOR ALESSANDRO GIUSTI
INDIPENDENT DIRECTOR ERNESTO ALBANESE
INDIPENDENT DIRECTOR LARA LIVOLSI
INDIPENDENT DIRECTOR FRANCESCA MENEGHEL
*MORETTI POLEGATO’S FAMILY
INDIPENDENT DIRECTOR ALESSANDRA PAVOLINI
INVESTOR RELATIONS – CONTACTS - DISCLAIMER FINANCIAL CALENDAR
FIGURES ARE REPORTED UNDER IAS/IFRS. CERTAIN STATEMENTS MADE IN
SIMONE MAGGI IR@GEOX.COM THIS PRESENTATION ARE FORWARD LOOKING STATEMENT. SUCH
TEL: +39 0423 282476 MOBILE:+39 335 1295349 STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND ARE SUBJECT
TO A NUMBER OF RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM ANY EXPECTED FUTURE RESULTS • JULY 29, 2021: 1H21 RESULTS
GEOX S.P.A. IN FORWARD LOOKING STATEMENTS. THIS ANNOUNCEMENT DOES NOT
CONSTITUTE AN INVITATION TO UNDERWRITE, SUBSCRIBE FOR OR
VIA FELTRINA CENTRO, 16 - 31044 BIADENE DI MONTEBELLUNA, OTHERWISE ACQUIRE OR DISPOSE OF ANY GEOX S.P.A. SHARES. ANY • NOVEMBER 11, 2021: 9M21 SALES
TREVISO (ITALY) REFERENCE TO PAST PERFORMANCE IS NOT A GUIDE TO FUTURE
PERFORMANCE.
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