German fashion and lifestyle firm Gerry Weber International AG (GRYIF.PK) reported Friday a 22 percent increase in third-quarter profit, benefited by increased sales. Meanwhile, margin declined from last year. Citing strong nine-months performance, the company lifted its fiscal 2012 sales forecast, while maintained margin view.
For the third quarter, net income climbed to 12.8 million euros from last year's 10.5 million euros. Earnings per share grew 21.7 percent to 0.28 euros.
Third-quarter sales revenues climbed 21.9 percent to 178.4 million euros from 146.4 million euros in the prior year. The company attributed the increase primarily to the converted Wissmach stores and the newly opened Houses of GERRY WEBER.
As announced earlier, the company converted 69 of the Wissmach stores acquired as of March 15 - primarily into TAIFUN and SAMOON mono-label stores - between May and July.
Earnings before interest and tax or EBIT grew 20.2 percent from last year to 19.7 million euros, while EBIT margin dropped 0.2 percent to 11 percent.
For the nine months, net income climbed 23.5 percent to 44.5 million euros, with a 13.9 percent increase in sales to 554.4 million euros.
The company noted that the retail segment's contribution to total sales increased to 38.6 percent at the nine-month stage. At the end of the financial year 2011, retail revenues had accounted for 31 percent of total sales. In the nine months, wholesale revenues increased from last year and represented 60 percent of total sales revenues.
Looking ahead, the company lifted its sales target for fiscal 2012 to 800 million euros from previous forecast of 795 million euros, citing the performance in the first nine months. EBIT margin is still expected to be between 14.5 percent and 14.6 percent for the full year. This is higher than last year's margin of 14.2 percent.
On Frankfurt's Xetra, Gerry Weber shares closed Thursday's trading at 34.95 euros, up 0.22 euros or 0.63 percent.
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