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Gerry Weber FY Earnings Decline

Gerry Weber International AG (GRYIF.PK), a German holding company involved in the fashion and lifestyle sector, Wednesday reported a decline in earnings for the financial year, despite growth in revenue. The company said the some 300 stores that it opened last year reported sales and earnings below projections, due to weather-related difficult market environment.

Net income decreased by nearly 10 percent to 71 million euros from 78.8 million euros last year. Earnings per share declined to 1.55 euro from 1.72 euro a year ago.

For the financial year, EBITDA declined to 127.4 million euros from 132.3 million euros last year.

Sales revenue increased 6.2 percent to 852 million euros from 802.3 million euros in 2012. The company's retail operations contributed 363.7 million euros or about 42.7 percent of total sales.

The company said it will propose a dividend of 0.75 euro per share at the upcoming AGM.

For the current financial year, the company expects sales revenues of at least 900 million euros.

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by RTT Staff Writer

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