• Sustainable reduction of fixed costs
  • Net debt cut in half
  • Successful rollout of the new shop window concept

Bregenz, September 7, 2018: Wolford AG, which is listed on the Vienna Stock Exchange, generated revenue of € 25.01 million in the first three months of the current financial year, comprising a decline of 14% compared to € 29.09 million in the previous year. The drop in revenue equalled 12.2% when adjusted for changes in currency exchange rates (especially the decrease in value of the Swiss franc and the US dollar). Within the context of systematically reducing ongoing costs, Wolford managed to slightly improve operating earnings (EBIT) in spite of the substantial revenue decline and higher marketing costs. EBIT in the first three months of the current 2018/19 financial year amounted to € -7.00 million, compared to € -7.22 million in the prior-year period. Earnings after tax amounted to € -7.56 million, down from € -6.91 million in the first quarter of 2017/18.

As a brand which mainly stands for legwear, Wolford particularly suffered from the heat wave prevailing over the past few months and thus had to contend with a decrease in revenue. Moreover, this year’s summer collection aroused even less interest than was originally expected as a consequence of the months-long vacancy in the position of chief designer.

Increased equity ratio, net debt almost halved

The successfully concluded capital increase in July raised about € 22 million in fresh capital for Wolford. As a result, the equity ratio improved considerably to 39% compared to 29% in the previous year. The repayment of loans led to a significant 46% drop in net debt, from € 37.90 million to € 20.56 million.

Initial measures implemented with respect to digitalization and internationalization

Wolford achieved an important milestone in its global market presence by rolling out a new retail display window concept. The new concept was installed at close to 120 stores in August. Different seasonal product information and image films about Wolford can be seen on three to four video screens in every shop window, combined with the corresponding products from the current fashion collection. The response is very encouraging because young people are observed positively and increasingly going into the shops. In August alone, sales of the newly presented FATAL dress promoted in this manner rose by about 75% compared to the previous year.

The company is systematically pressing ahead with expanding its business in Asia. The revenue trend is moving in the right direction. Revenue on the Asian market rose considerably by 13% in the first three months of 2018/19. As announced, the company is currently working on a marketing strategy for China. Commercial ties with Chinese business partners are being significantly expanded, applying to partners both in the online business and physical retail.


Wolford confirms its financial guidance published within the context of presenting its annual results for 2017/18 on July 13, 2018. Earnings generated in the traditionally weak first quarter do not comprise the decisive factor determining the performance of the company in the rest of the financial year. The management expects positive operating earnings (EBIT) in the current financial year, especially due to the positive impact of its restructuring program.

The report for the first quarter of the 2018/19 financial year can be downloaded under company.wolford.com, Investor Relations.


Earnings Data 05 ?07/1805 ?07/17Chg. in %2017/18
Revenuesin € mill.25.0129.09?14149.07
EBITin € mill.?7.00?7.22+3?9.22
Earnings before taxin € mill.?7.37?7.44+1?11.43
Earnings after taxin € mill.?7.56?6.91?9?11.54
Capital expenditurein € mill.0.520.33+581.40
Free cash flowin € mill.?11.67?7.08?651.83
Employees (on average)FTE1,3601,491?91,433


Balance Sheet Data 31.07.201831.07.2017Chg. in %30.04.2018
Equityin € mill.47.1938.09+2433.90
Net debtin € mill.20.5637.90?4630.09
Working capitalin € mill.38.8944.82?1334.59
Balance sheet totalin € mill.122.01129.60?6114.33
Equity ratioin %3929+3330
Gearingin %4499?5689


Stock Exchange Data 05 ?07/1805 ?07/17Chg. in %2017/18
Earnings per sharein €?1.14?1.41+19?2.35
Share price highin €17.7019.75?1019.75
Share price lowin €13.3016.00?1711.36
Share price at end of periodin €15.8717.42?913.60
Shares outstanding (weighted)in 1,0006,6314,912+354,912
Market capitalization (ultimo)in € mill.106.6587.10+2268.00