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EBIT climbs 14% to EUR 17.7 mn at GERRY WEBER
19
Mar '12
GERRY WEBER International AG continued to grow in the first three months of the new financial year 2011/12. Sales revenues rose from EUR 153.5 million in the first quarter of the previous year to EUR 165.1 million. Earnings before interest and taxes (EBIT) increased by a disproportionate 14.0% to EUR 17.7 million (Q1 2010/11: EUR 15.5 million).

The 7.6% increase in sales revenues is all the more impressive as the delivery date for parts of the spring/summer collection was shifted to meet customer requirements. Parts of the wholesale revenues will therefore not be invoiced in the first quarter, as was previously the case, but only in the second quarter. This means that the figures for the two quarters cannot be fully compared.

Due to the improvement in the cost of materials as a percentage of sales and strict cost management, earnings before interest and taxes (EBIT) increased by a disproportionate 14% to EUR 17.7 million, while the EBIT margin climbed to 10.7% in the first quarter of the fiscal year.

Deducting a financial result of EUR -0.5 million as well as income taxes (EUR 5.7 million), net income after taxes for the first quarter of 2011/12 increased to EUR 11.5 million (+16.7%). Based on the number of shares outstanding, earnings per share amounted to EUR 0.25 (Q1 2010/11: EUR 0.23).

The continued expansion of the own Retail operations, especially outside Germany, remains an important strategic objective of the GERRY WEBER Group. To achieve this target, 22 company-managed Houses of GERRY WEBER were opened in the first three months of the current financial year, thereof 18 abroad.

Due to the opening of new company-managed Houses of GERRY WEBER in the past months and a 6.2% increase in like-for-like sales, the Retail segment's sales revenues climbed from EUR 49.4 million to EUR 62.9 million in Q1 2011/12. This represents an increase of 27.3% on the prior year quarter. The number of franchised Houses of GERRY WEBER rose by six to a total of 266 worldwide in the first quarter of 2011/12, while the number of shop-in-shops climbed from 2,292 to 2,347 as of 31 January 2012.

GERRY WEBER International AG believes that the good performance in the first three months of 2011/12 confirms its sales and earnings projections for the full year 2011/12. Against the background of the effects of the takeover of the former WISSMACH stores, the company projects Group revenues of EUR 795 million and an EBIT margin of 14.5% to 14.6% for the current financial year.

GERRY WEBER International AG

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