Wolford AG, a leading brand for luxurious legwear, exclusive lingerie, and high-quality bodywear, has reported a revenue decrease by 5%, from EUR 162.40 million in 2015/16 financial year, to EUR 154.28 million in the 2016/17 financial year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR -3.39 million, compared to EUR 8.38 million in the previous year. As a consequence of various one-off effects, EBIT totalled EUR -15.72 million, compared to adjusted 2015/16 EBIT of EUR -2.92 million.
Excluding these effects, EBITDA in the 2016/17 financial year was about EUR 4.17 million. Depreciation and amortization totalled EUR 12.33. Earnings after tax equalled EUR -17.88 million, versus EUR -10.66 million in 2015/16, and thus corresponds to the forecast, the company reports. Earnings per share were EUR -3.64, a decrease from EUR -2.17.
In the first three months of the current financial year, Wolford succeeded in raising revenue by about 3%, adjusted for currency effects. However, management only plans to generate slight revenue growth in the current 2017/18 financial year compared to the previous year.
A time frame of two years has been designated for implementing the planned restructuring measures. These measures will first take full effect starting in the 2018/19 financial year. Against this backdrop, Wolford still expects negative operating earnings in the current 2017/18 financial year. The company anticipates positive operating earnings again starting in the 2018/19 financial year.
Wolford AG, with headquarters in Bregenz, Austria, has 16 subsidiaries. The product portfolio consists of the areas of legwear, ready-to-wear, lingerie and bodywear, accessories and merchandise. Wolford products are available in more than 260 own and partner operated boutiques in around 60 countries, more than 3000 selected trading partners around the world and online.