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Gerry Weber cuts staff and warns on profits

German womenswear brand Gerry Weber is to cut up to 150 head office, logistics and support staff, as the firm issued a profit warning for its full year. 

The business reported consolidated revenues of €404.7m (£354.7m) in its first financial half, which ran from November 1 2017 to April 30 2018, down 5% from €427.8m (£374.9m) for the same period last year. 

The revenue decline was stemmed in the second quarter to a fall of 1.7% to €214.9m (£188.4m).

Gerry Weber predicted that it will slump to a EBIT loss of up to €10m (£8.8m) for its full year compared to a previous prediction of a €10m (£8.8m) - €20m (£17.5m) EBIT profit.

Annual revenues are predicted to fall to between €830m (£726m) and €840m (£735.3m) from the previous outlook of €870m (£761m) - €890m (£779.1m).

Commenting on the job cuts the business said: “Over the next two years, it is planned to cut about 140 to 150 full-time positions at the headquarters and in logistics; these job cuts will be implemented in a socially compatible manner.”

 

 

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