Geox income rises 26%

Geox income rises 26%

By Anastasia Tomazhenkova: Shoe retailer Geox SpA posted that its net income rose 26% from a year earlier, reflecting strong sales as it continued to roll out its network of stores across Europe, the United States and Asia.

Geox, best known for its patented breathable sole footwear, said earnings rose to 123 million euros (185.04 million dollars) from 97.3 million euros in 2006.

The company posted revenue rose 26% to 770.2 million euros (1158.69 million dollars), as sales from its European stores outside of Italy grew 30%. U.S. sales rose 28%.

The company's board also approved a dividend payout of 0.24 euro (0.36 dollar) a share.

Looking ahead, the company said it expects an annual sales growth of 20% over the next three years. The company added it aims to reach 1,500 Geox shops in 2010.