1/17/2012 2:07 AM ET
(RTTNews) - German fashion and lifestyle firm Gerry Weber International AG (GRYIF.PK: News ) on Tuesday said its revenues for fiscal 2011, according to preliminary figures, increased 13 percent and earnings before interest and taxes grew 19.6 percent, mainly driven by improved performance in retail segment. For fiscal 2012, the company projects higher earnings and sales revenues.
The company said it estimates sales revenues of 702.7 million euros for the fiscal year 2011, higher than last year's 621.9 million euros. Despite extensive investments in the expansion of the company's own Retail segment, earnings before interest and taxes or EBIT grew to 99.6 million euros from 83.3 million euros in the previous year. This represents an EBIT margin of 14.2 percent, higher than 13.4 percent a year ago.
In the retail segment, sales revenues improved 25.1 percent to 217.2 million euros from 173.6 million euros a year ago. According to the company, the sharp increase was attributable to both the opening of 64 company-managed Houses of GERRY WEBER and to a 7.7 percent rise in like-for-like sales.
On January 5th, Gerry Weber had noted that its retail segment generated 30.4 percent higher sales for the month of December, thanks to sharp increase in sales both on the days before and after Christmas.
The company is slated to release its final figures for the financial year 2011 on February 27.
Looking ahead, Gerry Weber said its board expects sales revenues to surge to 775 million euros in the fiscal year 2012, which would again represent a double-digit percentage increase. Earnings are also expected to improve further.
Also, the company projects an improvement in the EBIT margin to 14.8 percent for the current fiscal year.
For the new year, Gerry Weber plans to open 75-85 own Houses of GERRY WEBER worldwide, about half of them outside Germany. This is compared to last year's opening of 64 company-managed Houses of GERRY WEBER.
"The cooperation with wholesale customers will also be intensified in 2011/2012, with the number of shop-in-shops expected to increase by 200 to
roughly 2,500. The first shop-in-shops are to be opened at Bloomingdale's, USA, already in the coming weeks," the company said in its statement.
Gerry Weber closed Monday's trading at 25.75 euros, up 0.34 euros or 1.34 percent on Frankfurt's Xetra.
 | | To receive FREE breaking news email alerts for Gerry Weber International AG and others in your portfolio |
|
by RTT Staff Writer
For comments and feedback: contact editorial@rttnews.com