PARIS — Wolford AG more than doubled operating profits in fiscal 2010 after implementing cost-reduction and efficiency-enhancing measures.
For the full year ended April 30, the Austrian innerwear and legwear firm reported operating profits soared 106.1 percent to 4.5 million euros, or $6.4 million. Dollar figures are converted at average exchange for the period.
“[It] demonstrates that we are not only capable of surviving crisis situations, but emerge strengthened from them,” stated Holger Dahmen, chief executive officer of Wolford.
Company sales for the year slid 2.2 percent to 144 million euros, or $203.9 million. But Wolford noted a progression in revenues as the year advanced. In its fourth quarter, sales rose 8.7 percent.