Struggling German fashion retailer Gerry Weber says the losses incurred in its last financial year were wider than it reported in December, reflecting a EUR44.2m (US$50.5m) impairment – the vast majority of which it says is related to its core Hallhuber brand. 

In a statement, the retailer said the preliminary results for its 2017/18 financial year, published on 7 December, have been adjusted following the presentation of a new business plan for the Hallhuber segment, and reflect valuation allowances for the Norwegian and Finish subsidiaries of the retail segment.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

As a result, Gerry Weber has reported a EUR192.3m loss for the period, with earnings impacted by non-cash provisions for restructuring measures and consulting costs of EUR63.3m, as well as extraordinary depreciation and write-downs of EUR113.5m.

This compares to a loss of EUR148.1m that was previously published, with earnings impacted by non-cash provisions for restructuring measures and consulting costs of EUR63.3m, as well as extraordinary depreciation and write-downs of EUR69.3m.

The German fashion house reported a profit of EUR10.3m the year before. 

See Also:

“We are aware, that the adjustments of our preliminary results for the financial year 2017/18 may result in irritations”, said Florian Frank, member of the managing board and chief restructuring officer for Gerry Weber International AG. “It is however of outmost importance to us to immediately react in full transparency and consequence to changes, to lay a strong and trusting foundation for the future of the company.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Last month the retailer said it is to close 230 retail spaces and start reducing its workforce nationally and internationally.

It will release its final 2017/18 results on 28 February 2019.