Hosiery label Wolford returns to profitability
The Austrian manufacturer of high-end hosiery and lingerie reported positive results in its 2014- 2015 fiscal year after two years of economic decline. From a loss of 2.8 million euros in its previous period, Wolford’s profits have now risen to 1.03 million euros.
The Wolford Group's revenue increased in the past financial year by 1% to reach 157.35 million euros after falling 6.14 million euros during the last two years following the closure of 20 distribution sites.
The company’s EBITDA, which was cleared of non-recurring expenses and earnings, grew from 7.11 million euros to 10.33 million euros in the past year, while its cleared EBIT rose from -0.97 million euros to 1.56 million.
Meanwhile, Wolford-owned shops saw both their revenue and their like-for-like-sales increase by 1%. Especially successful was the revenue from the company’s online website, which grew by 24%. On the other hand, wholesale sales fell by 2% due to issues with Wolford’s trade partners and the crisis in the Ukraine, said the company.
“The transformation process at Wolford is still not finished,” said Ashish Sensarma, CEO of Wolford since January of this year. For the current fiscal year, the company is looking to reach an EBIT margin of 10%.
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