Wolford AG: Wolford Turnaround Continues in H1 2023
August 29, 2023 at 06:41 am EDT
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EQS-Ad-hoc: Wolford AG / Key word(s): Half Year Results
Wolford AG: Wolford Turnaround Continues in H1 2023
29-Aug-2023 / 12:39 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Reports strong Year-on-Year Improvement in Revenue and EBIT
The board of Wolford announces group results for the 6 months to 30 June, 2023
Key financial information:
We are pleased to report that group sales for the reporting period from January to June 2023 grew by 8% to 58,8 mEUR (2022: 54,3 mEUR). This growth has been driven by investment in effective marketing activities, on-trend designer collaborations as well as Wolford‘s new focused and elevated product proposition of iconic styles and smart seasonal assortments. These initiatives have been an important driver of growth against the broader background of ongoing geopolitical and macroeconomic challenges.
EBIT (operating result before financial and tax expenses) significantly improved by 5 mEUR, or 29% vs the previous year (-12 mEUR vs -17 mEUR in H1 2022). Notably, this improvement has been accelerating in the second quarter of 2023.
The company is confident that its restructuring measures, including the reallocation of business responsibilities on the management board with Silvia Azzali recently appointed as the CEO, the pooling of Wolford’s distribution activities in Milan, the continued cost reductions, as well as additional marketing investments, will drive sustainable profitability.
Main financial KPIs
SALES 58,8 mEUR
EBITDA € -5,3 mEUR
EBITDA margin -9,0 %
EBIT € -12,0 mEUR
EBIT margin -20,4 %
End of Inside Information
29-Aug-2023 CET/CEST News transmitted by EQS Group AG. www.eqs.com
Wolford AG is engaged in the production and marketing of legwear, ready-to-wear and lingerie, accessories and trading good. The Company operates through four segments: Austria, Other Europe, North America and Asia. The Austria segment includes production and sales activities for Austria and for those countries, which do not have their own subsidiaries. The Other Europe segment contains the European sales subsidiaries outside Austria, as well as the manufacturing subsidiary in Slovenia. The North America segment covers the Company's operations in the United States and Canada. The Asia segment includes the companies in Hong Kong and Shanghai. The Company's ready-to-wear category includes products, such as bodies and shirts (bodywear), as well as dresses and pullovers. It offers a range of hosiery, ranging from tights, stockings, stay-ups and knee-highs to leggings and socks. The business activities of the subsidiaries focus on marketing products purchased from the Company.
WOLFORD AG 
