GERMANY: Gerry Weber Q1 earnings edge up
- Q1 net profit reaches EUR11.6m
- EBIT margin flat at 9.6%
- Sales climb 3%
Gerry Weber reiterated its full-year sales and earnings guidance
German fashion house Gerry Weber International saw its earnings edge up in the first quarter, thanks to the firm's ongoing expansion strategy.
Net income after tax in the three month period amounted to EUR11.6m (US$16.1m) compared to EUR11.5m in the prior year quarter. At 9.6%, EBIT margin remained unchanged as a result of a shift in the firm's winter discount campaigns from the second to the first quarter.
Sales were up 3% to EUR190.4m thanks to the increased sales contribution made by the company-managed retail stores opened in the past two fiscal years as well as to a 3.2% improvement in like-for-like sales.
The company's own retail operations contributed EUR97.7m to sales. Wholesale revenues, however, declined 6.7% to EUR92.7m.
"Against the background of the positive development of the retail segment, the improvement in wholesale customers' ordering activity for the second half of our fiscal year as well as our ongoing expansion strategy, we expect both sales revenues and earnings to increase in the coming months," Gerry Weber said.
The company reiterated its full-year sales guidance of EUR900m and EBIT of "at least" EUR120m.
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