Full-year net income at German clothing firm Gerry Weber has edged up despite flat sales.
Net income increased 0.5% to €71.4m (£51.9m) over the year to October 31, as sales were flat at €852.1m (£619.86m). Domestic sales fell 1.9% to €510.4m (£371.27m), while international sales increased 3% to €341.7m (£248.56m).
The company also revealed that Ralph Weber has become chief executive and chairman of the company, taking over from founder Gerhard Weber.
At the Gerry Weber brand sales rose 1% to account for 76.2% of the group’s sales, while sister brand Taifun sales declined 1.1% to 18.3% of group sales.
The company said it may look at further acquisitions to build the brand, potentially in the menswear arena. Company chairman Ralf Weber said it would “probably be looking for a casual menswear brand and it would have to be a 100% fit.”
It said that outside of any potential acquisition, it will continue to expand its retail segment, especially outside Germany, with stores planned for neighbouring European Markets and North America. It plans to have its first eight stores open in Canada by the end of the year. By 2020 it wants the retail segment to contribute 70% to 80% of total sales revenues. It also said it plans to continue with its vertical integration strategy.