21st Austria weekly - Wolford (13/12/2019)

Wolford: Bodywear group Wolford AG, which is listed on the Vienna Stock Exchange, generated revenue of Euro 60.49 mn in the first six months of the current financial year (May 2019 to April 2020), comprising a decrease of 3.0% from the comparable prior-year figure of Euro 62.37 mn. Similar to fashion retailers across the globe, Wolford is suffering the consequences of a far-reaching structural transformation along with declining customer frequencies in the Western European fashion markets. Operating earnings (EBIT) in the first half-year amounted to Euro -9.38 mn, compared to Euro -5.92 mn in the previous year. This development is primarily related to the drop in revenue. Interest payments roses substantially by Euro 1.60 mn, which is mainly due to the first-time application of the new accounting standards IFRS 16. Earnings after tax totaled Euro -11.86 mn compared to Euro -7.33 mn in the first half of the previous financial year. The new Management Board team consisting of Silvia Azzali and Andrew Thorndike, which has only been in office since a few weeks, is currently working with company executives to precisely analyze the situation and on this basis develop a master plan for Wolford consisting of short-, medium- and long-term measures. The target is to achieve a sustainable repositioning of Wolford as a profitable company with strong product lines and a clear customer orientation. At the same time, the goal is to adjust costs in line with revenue development. On the basis of the latest findings, the management confirms its previous plans to return Wolford to profitability in the 2020/21 financial year.
Wolford: weekly performance: -4.00%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (13/12/2019)

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1. Wolford (Fotocredit: Michael J. Plos)

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