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Gerry Weber reveals bigger EBIT loss for fiscal year 2017/18

By Prachi Singh

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Report

According to the adjusted the preliminary results of Gerry Weber International AG, for the financial year 2017/18, upon presentation of a new business plan for the Hallhuber segment and as a result of necessary valuation allowances for the Norwegian and Finish subsidiaries of the retail segment, an impairment of 44.2 million euros has been identified. According to that, the group's EBIT amounts to a loss of 192.3 million euros against previous outlook of 148.1 million euros.

"We are aware, that the adjustments of our preliminary results for the financial year 2017/18 may result in irritations. It is however of outmost importance to us to immediately react in full transparency and consequence to changes, to lay a strong and trusting foundation for the future of the company," commented comments Florian Frank, Member of the Managing Board and Chief Restructuring Officer for Gerry Weber International in a statement.

EBIT excluding non-cash provisions for restructuring measures as well as consulting costs and extraordinary depreciation as well as write-downs, the company added, remains at the previously published loss of 15.5 million euros.

Picture:Facebook/Gerry Weber

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