PARIS – Wolford AG reported declining sales and widening losses in its first quarter as consumer demand for its high-end hosiery, lingerie and swimwear remained restrained.
This story first appeared in the September 21, 2009 issue of WWD. Subscribe Today.
The Austrian company also predicted a tough trading environment for the rest of its 2009/2010 fiscal year, despite noting early signs of an economic recovery in some markets during the month of August.
In the three months ended July 31, net losses widened to 3.3 million euros, or $4.6 million, from 2.9 million euros, or $4 million, in the same period last year, while sales declined 14.4 percent to 27.3 million euros, or $37.9 million. Dollar figures have been converted at average exchange for the periods to which they refer.
Sales in Spain were particularly hit by the country’s deep recession, declining 45.9 percent, while business in some western European countries defied the economic downswing, with sales rising 26.4 percent in Belgium, 7.5 percent in Switzerland, and 5 percent in the U.K.