DGAP-News: Wolford Group Increases Sales in the First Half of 2012/13
(firmenpresse) - DGAP-News: Wolford AG / Key word(s): Half Year Results
Wolford Group Increases Sales in the First Half of 2012/13
14.12.2012 / 08:01
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Press Information
Sales and earnings in the first half of the 2012/13 fiscal year
Wolford Group Increases Sales in the First Half of 2012/13
- Sales up 4 % to EUR 76.59 million
- Significant growth of sales with proprietary stores
- Earnings below prior-year, amongst others due to inventory optimization
- Ongoing solid capital structure
- Continuation of expansion strategy
Vienna/Bregenz, December 14, 2012. Wolford AG, a publicly listed company on
the Vienna Stock Exchange, increased its total sales by 4 % in the first
half of the current fiscal year (May 1, 2012 - October 31, 2012) from EUR
73.56 million to EUR 76.59 million. Accordingly, the company performed well
in a volatile market environment characterized by the sovereign debt crisis
and the related uncertainty on the part of consumers. The solid sales
development can be attributed to the continuing and systematic expansion of
the international distribution network as well as the like-for-like sales
growth generated by Wolford's own retail business.
In turn, the development of earnings can be seen in connection with the
targeted and future-oriented measures designed to strengthen the global
presence of the Wolford brand. Store openings, preparations for expanding
distribution in China as well as the optimization of inventories resulted
in a slightly negative EBIT of EUR -0.68 million in the first half year of
2012/13 fiscal year, particularly against the backdrop of a seasonally weak
first quarter. However, in the second quarter of 2012/13, Wolford already
succeeded in generating a clearly positive EBIT totaling EUR 2.64 million.
'The sustainable sales growth shows that our expansion strategy is having
a positive impact. We will persistently continue on our strategic path,
which involves enlarging our own network of proprietary stores,
intensifying the cooperation with partners and the retail sector and in
addition further expanding our online business. From today's perspective,
we anticipate sales growth as well as positive operating results for the
entire 2012/13 fiscal year. However, earnings will most likely be below the
comparable prior-year figure', comments Holger Dahmen, Chief Executive
Officer of Wolford AG.
Ongoing solid capital structure
The Wolford Group continued to boast a solid asset and capital structure as
of October 31, 2012. Shareholders' equity amounted to EUR 81.30 million as
at October 31, 2012, comprising a sound equity-to-assets ratio of 52 %, the
debt/equity ratio totaled 31 %. Net debt totaled EUR 25.35 million, below
the prior-year level (October 31, 2011: EUR 26.83 million).
Significant sales growth with proprietary stores - retail share up to 53 %
Similar to the situation in previous quarters, Wolford-owned points of sale
showed a particularly good development during the reporting period. In this
regard, the Wolford Group succeeded in posting a sales increase of more
than 12 % with its own boutiques, shop-in-shops, factory outlets and online
shops. As a result, the share of total sales generated by the retail
business rose to 53 % in the first half of 2012/13 fiscal year.
In total, Wolford-controlled distribution channels i.e. those points of
sale which exclusivelyoffer Wolford products (own retail points of sale
and partner-operated boutiques) accounted for more than 63 % of total sales
in the first half of 2012/13.
From a regional perspective, sales climbed in most of Wolford's core
geographic markets, showing a particularly dynamic development in the USA,
France, Belgium, Germany, Switzerland and Central Eastern Europe. In
contrast, the Wolford Group suffered sales declines in Italy and Spain due
to the well-known difficult economic conditions prevailing in these
markets.
Outlook
In the coming months the management of the Wolford Group does not
anticipate any major change in the economic development of its most
important markets in Europe, the USA and Asia. Against the backdrop of this
economic environment, the Wolford Group will determinedly continue its
expansion strategy in the second half of the 2012/13 fiscal year and
strongly focus on expanding the monobrand distribution. In addition to the
systematic improvement and the expansion of points of sale in its core
markets of Europe and North America, Wolford is also concentrating on
further developing its business in growth markets, especially Greater China
as well as in the Middle East. The Managing Board plans additionally
intensified marketing measures in important markets in order to promote the
further growth of the Wolford brand.
The Executive Board expects further sales growth in the entire 2012/13
fiscal year as well as positive operating results. However, from today's
perspective, earnings will be below the prior-year level due to the
increased expansion and marketing costs. The company's ability to precisely
predict its business development in the coming months is very limited due
to the difficult economic conditions. Nevertheless, Wolford's management
anticipates ongoing and sustainable growth in the future as well.
Financial data for the first half of the 2012/13 fiscal year
(May 1, 2012 - October 31, 2012)
Earnings data 05-10/ 05-10/ Chg. 2011/1) as of balance sheet date
12 11 % 2012
Sales EUR million 76.59 73.56 +4 154.06
EBITDA EUR million 3.41 6.63 -49 15.32
EBIT EUR million (0.68) 2.72>100 7.00
Earnings before tax EUR million (1.29) 1.76>100 5.17
Earnings after tax EUR million (1.07) 1.00>100 1.36
Earnings per share EUR (0.22) 0.20>100 0.28
Capital expenditure EUR million 3.16 4.36 -28 7.94
Free cash flow EUR million (8.10) (10.97) +26 0.37
Average number of
employees 1,611 1,671 -4 1,630
1)
Balance sheet data 31.10. 31.10. Chg. %
30.04.12
12 11
Shareholders' equity EUR million 81.30 82.64 -2 83.61
Net debt EUR million 25.35 26.83 -6 15.38
Capital employed EUR million 123.15 125.74 -2 115.30
Working capital EUR million 46.35 45.29 +2 39.77
Total assets EUR million 156.60 158.95 -1 145.50
Equity-to-assets ratio % 52 52 - 57
Gearing % 31 32 - 18
The detailed Wolford Half-Year Financial Report 2012/13 is available at
www.wolford.com/Investor Relations.
Contact:
Holger Dahmen (Chief Executive Officer)
investor(at)wolford.com
Wolford Aktiengesellschaft. Wolfordstr. 1, A 6901 Bregenz
+43 (0) 5574 690-1477
www.wolford.com
About Wolford AG
Wolford AG headquartered in Bregenz on Lake Constance (Austria) operates 15
subsidiaries and markets its own products in the Legwear, Ready-to-wear,
Lingerie, Swimwear and Accessories segments in 68 countries via more than
260 monobrand stores (own and partner-operated), 3,000 trading partners and
online. The Austrian company, which has been publicly listed on the Vienna
Stock Exchange since 1995, generated sales of EUR 154,06 million in the
2011/12 fiscal year (May 1, 2011 - April 30, 2012), and has about 1,600
employees. Since its founding in the year 1950, Wolford has evolved from a
local producer of pantyhose to a global luxury fashion brand.
End of Corporate News
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Language: English
Company: Wolford AG
Wolfordstraße 1
6901 Bregenz
Austria
Phone: +43/5574/6901268
Fax: +43/5574/6901219
E-mail: investor(at)wolford.com
Internet: www.wolford.com
ISIN: AT0000834007
WKN: 83400
Indices: ATX
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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