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Wolford Q1 Sales -14%; Loses $8.8 Million

(Filed Under Financial and General Interest News). Wolford sales fell 14% while losses increased to 7.56 million euros (about $8.8 million at recent conversion rates) in the first quarter of its current fiscal year.

The company complained that “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.”

Sales fell to 25.01 million euros (about $29.0 million) in the three months ended July 31, 2018, from $29.09 million euros (about $33.8 million) in the same three months last year. The company lost 6.91 million euros in the same quarter last year.

Wolford stated that it had rolled out “a new retail display window concept” that “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.”

Wolford also said it is “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.”

Since 2017 the number of Wolford shops in North America has apparently declined from 36 to 34. According to the most recent annual report these include 22 company-owned boutiques, seven “concession shop-in-shops” and three factory outlets. There are also two “partner-operated” boutiques.

Worldwide Wolford owns 107 boutiques, “51 concession shop-in-shops,” and 20 factory outlets. There are also 89 “partner-operated” boutiques and about 3,000 other distribution partners. Department store clients include Harrods and Selfridges in London and Bergdorf Goodman in New York.

Fosun International, a Chinese conglomerate, completed the acquisition of a majority stake in Wolford AG in May. — NM

more Financial and General Interest News >>

Published 09-10-2018 by Nick Monjo

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