GERRY WEBER INTERNATIONAL AG
- WKN: 330410
- ISIN: DE0003304101
- Land: Germany
Nachricht vom 15.03.2018 | 07:40
GERRY WEBER's consolidated sales revenues - a mixed bag
DGAP-News: Gerry Weber International AG / Key word(s): Quarterly / Interim Statement
GERRY WEBER's consolidated sales revenues - a mixed bag
- Drop in sales revenues of the GERRY WEBER Core segment to EUR 130.8 million weighs on the Group in Q1 2017/18
- HALLHUBER's revenues up 17.8% quarter-on-quarter to EUR 58.9 million
- Management Board confirms the forecast for the fiscal year 2017/18
(Halle/Westphalia, 15 March 2018) Consolidated sales revenues of GERRY WEBER International AG amounted to EUR 189.8 million in the first quarter of the fiscal year 2017/18, compared to EUR 209.2 million in the same period of the previous year. While HALLHUBER recorded a gratifying increase in revenues to EUR 58.9 million (+17.8%), sales revenues of the GERRY WEBER Core segment (GERRY WEBER, TAIFUN, SAMOON and talkabout) declined from EUR 159.2 million to EUR 130.8 million. The drop in the Core segment's revenues was the result of a shift in the deliveries of merchandise to our Wholesale partners to the second quarter of 2017/18, the stores already closed according to plan in the context of FIT4GROWTH and the GERRY WEBER Core Retail segment's like-for-like revenues in Germany.
The GERRY WEBER Core Retail segment, i.e. revenues generated by GERRY WEBER, TAIFUN and SAMOON at our own points of sale, declined by 19.1% to EUR 80.6 million in the first quarter of 2017/18 (Q1 previous year: EUR 99.7 million). This was due, on the one hand, to the store closures in the context of the FIT4GROWTH programme and, on the other hand, to the 8.8% drop in like-for-like revenues compared to the prior year quarter. With 75 stores closed in 2015/16, another 68 stores were closed in 2016/17. In addition, the change in the merchandise management system influenced the Core Retail segment's like-for-like revenues. This change in merchandise management is necessary to respond to consumers' changed shopping behaviour and to be able to offer products which are always matched to the prevailing season. The aim is to supply merchandise even more effectively to the individual points of sale in order to increase the gross profit even further.
Sales revenues generated by the online shops of GERRY WEBER, TAIFUN and SAMOON increased from EUR 6.8 million in Q1 of the previous year to EUR 7.4 million in the first three months of the current fiscal year 2017/18 (+8.8%).
In the first quarter of the previous year, sales revenues of the GERRY WEBER Core Wholesale segment were influenced by a shift in deliveries from the second to the first quarter. In the current fiscal year 2017/18, these deliveries will take place, and revenues will thus be generated, in the second quarter, which is why first-quarter revenues of the GERRY WEBER Core Wholesale segment dropped from EUR 59.5 million in the previous year to EUR 50.2 million in the current fiscal year. For the full fiscal year 2017/18, we continue to expect Wholesale revenues to remain stable compared to the previous year.
HALLHUBER's revenues showed a very positive trend on a quarterly basis and increased by an impressive 17.8% to EUR 58.9 million. This revenue growth is attributable to both the expansion-related increase in the number of POS and to the 5.5% rise in like-for-like revenues. HALLHUBER's like-for-like revenues thus showed a better trend than the German fashion retail sector as a whole, whose like-for-like revenues remained almost unchanged. HALLHUBER's online operations grew particularly dynamically and almost doubled from EUR 4.2 million in Q1 of the previous year to now EUR 8.0 million.
As a result of the measures implemented as part of the FIT4GROWTH realignment programme, personnel expenses and other operating expenses of the GERRY WEBER Group in Q1 2017/18 declined notably compared to the first quarter of the previous year. The Group's personnel expenses were reduced from EUR 47.7 million to EUR 46.1 million (-3.5%) in spite of the expansion of HALLHUBER's points of sale. Other operating expenses declined even more strongly by 6.1% to EUR 66.0 million (Q1 previous year: EUR 70.3 million).
As a result of the lower revenues of the GERRY WEBER Core Retail segment and the shift in Wholesale revenues to the second quarter of the current fiscal year 2017/18, the Group's EBITDA declined from EUR 15.6 million to EUR 7.8 million. HALLHUBER contributed EUR 6.5 million to the Group's EBITDA.
After deduction of almost unchanged depreciation/amortisation, earnings before interest and taxes (EBIT) of the GERRY WEBER Group declined to EUR -3.5 million (Q1 previous year: EUR 4.1 million).
Ralf Weber, CEO of GERRY WEBER International AG, explains: "On the one hand, the first quarter of 2017/18 was influenced by shifts in revenues in the GERRY WEBER Wholesale segment, which will be offset in the course of the next three months. On the other hand, changes to the merchandise management system in the GERRY WEBER Core Retail segment and the resulting decline in revenues generated by the Core Retail segment weighed on our Group sales revenues and earnings. HALLHUBER is delivering a pleasant performance but was not able to fully offset the effects from the Core segment. The first quarter clearly shows that our decision to develop a performance programme was right. We will announce the detailed measures of the programme in mid-June 2018."
The results of Q1 2017/18 had already been taken into account in our plans and budgets for the fiscal year 2017/18 and we therefore stick to our forecast issued at the end of February 2018, which projects stable consolidated sales revenues of between EUR 870 million and EUR 890 million for the fiscal year 2017/18. In view of the developments outlined above and the extraordinary charges that will arise from the measures of the programme yet to be developed, the Managing Board of GERRY WEBER International AG projects consolidated earnings before interest and taxes (EBIT reported) of between EUR 10.0 million and EUR 20.0 million for the current fiscal year.
Key figures of the GERRY WEBER Group Q1 2017/18:
PP = percentage points
GERRY WEBER International AG
|Company:||Gerry Weber International AG|
|Phone:||+49 (0)5201 185-0|
|Fax:||+49 (0)5201 5857|
|Listed:||Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|
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