PARIS — Aided by radical cost-cutting, Wolford AG on Thursday said it had jumped out of the red in the first half.

The company also said Holger Dahmen would in January succeed Fritz Hummer as its chief executive officer.

The Austrian hosiery maker said net profits totaled $622,200, or 511,000 euros, against a loss of $359,900, or 275,000 euros, in the year-earlier period.

Punished by adverse exchange rates, however, sales in the six months ended Oct. 31 dropped 7.9 percent to $69.4 million, or 56.9 million euros, from $75.3 million, or 61.7 million euros, a year ago. Dollar figures are converted from euros at current exchange rate.

The company forecasts a “slight” decline in full-year sales, blaming weak preordering and currency fluctuations. Nonetheless, it said profits would increase.

The U.S. was a bright spot in the first half, the company said, as sales grew 18.3 percent to $10.1 million before the impact of currency exchange.

As for the change in the ceo’s office, Hummer has headed Wolford for more than a decade and now plans to retire. Dahmen, 43, joins the company from Hamilton Worldwide, a watch company controlled by Swatch Group.

“We are at the threshold of a new stage in our development,” said Hummer. “Now is the perfect moment to pass the helm to a new [captain].”

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus