EANS-News

Wolford AG: Detailed Figures Announced for the First Quarter of 2018/19

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Quarterly Report

Bregenz -

* 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 EUR 25.01 million in the first three months of
the current financial year, comprising a decline of 14% compared to EUR 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 EUR -7.00
million, compared to EUR -7.22 million in the prior-year period. Earnings after
tax amounted to EUR -7.56 million, down from EUR -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 EUR 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 EUR 37.90 million to EUR 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.