In the first six months of 2021, total net sales of Gerry Weber International amounted to 107.7 million euros compared to 140.5 million euros in the first half of 2020, or approximately 23.4 million euros. % lower than the level of the previous year. The company’s net online sales increased 37.8% to € 20.8 million during the period.
“While the first quarter was made difficult by the pandemic, our stores gradually reopened in full during the second quarter. The revenue trend in June was very positive and shows that our strategic initiatives are accepted by the market, ”said Florian Frank, CFO of Gerry Weber International AG.
Review of Gerry Weber’s performance in the first half
The company said that the net sales of the retail segment, including the share of e-commerce, fell sharply to 60.9 million euros from 74.5 million euros the previous year due to the locking. With its wholesale partners, including e-commerce, the Gerry Weber group achieved a net turnover of 46.8 million euros compared to 66 million euros last year.
The company added that the gross profit margin deteriorated by 18% in the first six months and stood at 67.3 million euros, while the gross profit margin improved by 4.4 points. percentage to 62.5%.
EBITDA increased to 5.3 million euros from 1.1 million euros the previous year and at 4.9% the EBITDA margin exceeded 0.7% the previous year. Normalized EBITDA also improved to – € 10.2 million compared to the previous year figure of – € 22.9 million and the normalized EBITDA margin reached – 9.5% against – 16.3%. Thus, the result for the period came to – € 24.2 million compared to – € 34.2 million.
Even though all stores have been reopened since June 2021, the company expects opening rules to be tightened again if incidence rates increase, which is typically expected to happen in the fall / winter. For fiscal year 2021, the company’s management board continues to project consolidated net sales of between € 260 million and € 280 million and intends to further improve the company’s profitability. Normalized Consolidated EBITDA is expected to improve to a negative double-digit figure in millions.