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Losses narrow at Gerry Weber

Women’s fashion retailer Gerry Weber saw its consolidated net loss narrow to €34.2 million from €144.1 million in the first half of its financial year. The… View Article

FASHION RETAIL NEWS UK

Losses narrow at Gerry Weber

Women’s fashion retailer Gerry Weber saw its consolidated net loss narrow to €34.2 million from €144.1 million in the first half of its financial year.

The company attributed the improvement to lower depreciations and the completion of a restructuring programme at the end of last year which resulted in the permanent closure of 210 company-managed points of sale in Germany and other countries around the world.

However, group sales fell to €140.5 million from a previous €247.7 million after trading was impacted by the Covid-19 pandemic and the temporary closure of almost all of the retailer’s points of sale from mid-March.

Although nearly all stores were reopened by mid-May, footfall has remained lower than pre-pandemic levels. However, conversion rates and sales per customer have been rising in recent weeks, albeit from low levels.

Looking ahead, the company said the adverse affects of Covid-19 on its trading environment are likely continue in the second half of 2020, although it is still expecting full year revenue to  come in at between €260 million and €280 million.

 

 

 

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