DGAP-News: Gerry Weber International AG adjusts preliminary results for financial year 2017/18

Corporate News

GERRY WEBER International AG adjusts preliminary results for financial year 2017/18

(Halle/Westphalia, 14.1.2019) Today, the Executive Board of GERRY WEBER International AG adjusted the preliminary results for the financial year 2017/18 (October 31), published on December 7, 2018. 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 in the magnitude of EUR 44.2 million has been identified. The vast majority of it relates to the HALLHUBER segment.

According to that, the Group's operating result before interest and taxes (EBIT) including non-cash provisions for restructuring measures as well as consulting costs of EUR 63.3 million and extraordinary depreciation as well as write-downs of now EUR 113.5 million (previously published: EUR 69.3 million) amounts to a loss of EUR 192.3 million (previously published: EUR 148.1 million, previous year: EUR +10.3 million). The Group's operating result before interest and taxes (EBIT) excluding non-cash provisions for restructuring measures as well as consulting costs and extraordinary depreciation as well as write-downs remains at the previously published loss of EUR 15.5 million (previous year: EUR +19.9 million).

"We are aware, that the adjustments of our preliminary results for the financial year 2017/18 may result in irritations", comments Florian Frank, Member of the Managing Board and Chief Restructuring Officer for GERRY WEBER International AG. "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."

All provided figures are preliminary. GERRY WEBER International AG plans to publish the Annual Financial Statement 2017/18, as previously announced, on 28 February 2019.

About the GERRY WEBER Group

GERRY WEBER International AG, headquartered in Halle/Westphalia, operates on a global scale and unites five strong fashion brands under one roof: GERRY WEBER, TAIFUN, SAMOON, talkabout and HALLHUBER. Since its beginning in 1973 GERRY WEBER International AG, which is listed in the Prime Standard of the German Stock Exchange, has become one of the best known German fashion and lifestyle companies with approximately 1,230 company-managed stores and sales spaces (incl. 410 from HALLHUBER), approximately 2,480 shop-in-shops and 280 franchised stores worldwide as well as brand online-shops in nine countries. With some 6,500 employees worldwide (including about 2,000 from HALLHUBER) and distribution channels in roughly 60 countries, the GERRY WEBER Group is one of the largest listed fashion companies in Germany.

In the financial year 2016/17 (1 November 2016 to 31 October 2017) the GERRY WEBER Group generated sales revenues of EUR 880,9 million and operating income (EBIT) in the amount of EUR 10.3 million. The HALLHUBER subsidiary, which was acquired in February 2015, contributed EUR 194.3 million to GERRY WEBER Group sales.

GERRY WEBER International AG