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Wolford Posts $4.95M Loss

PARIS — Luxury hosiery and lingerie maker Wolford AG on Tuesday reported a net loss of $4.95 million for its fiscal year ending April 30. <br><br>In fiscal 2001, the Bregenz, Austria-based firm had profits of $741,626. All figures are converted...

PARIS — Luxury hosiery and lingerie maker Wolford AG on Tuesday reported a net loss of $4.95 million for its fiscal year ending April 30.

In fiscal 2001, the Bregenz, Austria-based firm had profits of $741,626. All figures are converted from the euro at current exchange.

Hit by declines in many of its key markets, including Austria, Germany, the United Kingdom, France, Japan and the U.S., Wolford said full-year sales dropped 4 percent to $137.2 million, compared with $143.4 million in the prior year.

Wolford’s biggest markets are Germany, the U.S., Austria, France, Switzerland and the UK, respectively.

The firm said it slashed costs with a massive restructuring effort. Wolford said its head count had been cut over the last 12 months by 10 percent to 1,693 workers, compared to 1,892 workers at the same time last year.

Meanwhile, Wolford trumpeted new products, including a recently launched co-branding project with British designer Vivienne Westwood, as vectors for growth.

“The aim of the management for [the upcoming year] remains a continued improvement in operating results and, in the medium term, the reduction of debt,” the company said in a statement.

Shareholders will be asked to waive a dividend when they convene at an annual meeting on Sept. 3.