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Sales slip at Gerry Weber

A raft of store closures sent Gerry Weber revenues down 3.6% in the six months to 30 April.

Revenues came in at €427.8m (£375.9m) while operating profit was €6m (£5.2m), in line with the company’s projections for the full financial year.

EBITDA slipped 3.3% to €28.9m (£25.4m) for the full first half, despite a 7.7% rise in underlying profit during the first quarter.

The firm has been undergoing a realignment programme to cut costs and gear the brand towards sustainable growth, resulting in the closure of 115 stores and a subsequent 6.8% decline in the core retail segment’s revenues to €192.3m (£169m).

Meanwhile revenues in the group’s wholesale segment declined 2.1%.

But the company struck an optimistic tone, noting that subsidiary brand Hallhuber generates as much as 22% of group revenues, contributing €92.9m (£81.6m) in the first half, and that Gerry Weber online sales rose 12% compared to the same period last year.

Ralf Weber, CEO of Gerry Weber, said: “The figures for the first six months of 2016/17 are fully to plan, which makes us optimistic that we will reach the objectives we have set ourselves for the full financial year.”

Gerry Weber’s board confirmed a forecast for the full year of sales revenues of between €864.8m and €882.8m (£760m to £775.7m), 2% to 4% lower than the previous year’s total of €900.8m (£791.5m).

 

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