GERMANY: Gerry Weber FY net profit up 24%
- FY 2010/11 net profit rises 24% to EUR67m
- Revenues up 13% to EUR702.7m
- Wissmach takeover to boost revenues
German fashion business Gerry Weber International recorded a 24% rise in full-year profits in fiscal 2010/11, boosted by a double-digit revenue increase and solid margin growth.
The company said its earnings had been buoyed by the expansion of its owned retail operations, as well as strict cost management.
Gerry Weber is projecting revenues of about EUR795m (US$1bn) during the current financial year, up from its previous forecast of about EUR775m thanks to its takeover of about 200 stores from the bankrupt Wissmach retail group.
The stores, acquired early this month, will be mostly converted to Gerry Weber’s Taifun and Samoon stores, the company said.
CEO Gerhard Weber said the investment required would have a one-off impact on profits, but added that the new operations would pay for themselves in the current fiscal year.
Gerry Weber plans to open 75 new stores this year, excluding the Wissmach takeover.
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Fashion business Gerry Weber International marked a 24% surge in first-half profits with a double-digit revenue gain boosted by a strong second quarter performance....
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