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.
