Clothing producer Gerry Weber International AG on Friday slashed its full-year sales target in a move which sent its share price crashing as much as 10 per cent in early trade.

The company cut its sales forecast to $393 million, an increase of just 1.6 per cent compared to its original outlook of seven per cent, citing the worldwide spending slowdown and recent floods in eastern Europe.

It added sales climbed 4.2 per cent in the first nine months of the year to $268m compared to the year-ago period with tight cost controls helping push pre-tax earnings up 5.4 per cent.