Gerry Weber sells Düsseldorf property, confirms FY16 outlook

Gerry Weber International has sold its ‘Hall 30’ Showroom Center in Düsseldorf to an institutional real estate investor for 49.1 million euros (51.2 million dollars) as a part of its “Fit4Growth” realignment programme. The company’s Managing Board has confirmed both the revenue forecast of 890 million euros to 920 million euros (929 to 960 million dollars) and the EBIT forecast of between 10 million euros and 20 million euros (10.4 to 20.9 million dollars) issued for the financial year 2015/16.

The company said that the proceeds from the sale of the investment property result in extraordinary income of approx. 20 million euros (20.8 million dollars) and thus will constitute the material portion of the net income of the company for the financial year ended October 31, 2015/16. However, Gerry Weber added that the business performance in the fourth quarter of 2015/16 (August to October 2016) was disappointing for market-related reasons.

Picture:Gerry Weber