German fashion retailer Gerry Weber recorded a slight dip in revenues in its latest financial year, while earnings before tax plummeted.
According to its preliminary results, Gerry Weber raked in â‚¬900 million (£766.67 million) in revenues in its 2015/16 financial year, compared to â‚¬920.8 million (£784.62 million) the prior year.
Meanwhile, consolidated reported EBIT ranged between â‚¬13-14 million (£11-12 million) compared to the â‚¬79.3 million (£67.55 million) recorded in 2015.
However, the retailer said this was in accordance with management‘s guidance of consolidated EBIT of between â‚¬10-20 million.
Combined revenues of the retailer‘s core brands Gerry Weber, Taifun and Samoon was around â‚¬717 million (£610.88 million), a 10.9 per cent decline on the previous year.
Gerry Weber also attributed the difficult market environment and low footfall figures for the 7.6 per cent decline in like-for-like revenues.
The retailer, which has stores and concessions all over the UK and Europe, warned that the current 2016/2017 financial year will continue to be a difficult one.