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Gerry Weber Q1 EBITDA Up 7.7%, Sales Down 2.1%; Confirms Forecast

Gerry Weber International AG (GRYIF.PK) reported first-quarter net income of 1.2 million euros or 0.03 euros per share, flat with previous year. Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) picked up by 7.7% to 15.6 million euros. Consolidated earnings before interest and taxes (EBIT) improved by 5.1% to 4.1 million euros.

In the first quarter, GERRY WEBER generated consolidated sales revenues of 209.2 million euros, down slightly by 2.1%. Revenues generated by the Core brands - GERRY WEBER, TAIFUN and SAMOON - were down by 2.4% on the prior year quarter due to the decline in revenues of the GERRY WEBER Core Retail segment. The company said the decline is attributable to the fact that no more revenues were generated by the stores closed in the previous year as well as to a 3.4% drop in like-for-like revenues.

Ralf Weber, CEO of GERRY WEBER, stated: "The first three months of 2016/17 show that the FIT4GROWTH realignment programme is effective and is beginning to bear fruit. The measures already implemented have not only had a positive effect on the cost structure of the Core segment but have also helped to accelerate the modernisation of our brands. We must now continue to implement the realignment with great determination in order to return to profitable growth after the stabilisation phase."

The Managing Board expects sales revenues for the current financial year 2016/17 to be 2% to 4% below the prior year level. Consequently, the Managing Board projects consolidated earnings before interest, taxes, depreciation and amortisation (consolidated EBITDA reported) of between 60 and 70 million euros. Consolidated earnings before interest and taxes (consolidated EBIT reported) will amount to between 10 and 20 million euros.

by RTT Staff Writer

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