DGAP-News: Wolford AG: Sales and Earnings in the first three quarters of BY 2012/13
(firmenpresse) - DGAP-News: Wolford AG / Key word(s): Quarter Results
Wolford AG: Sales and Earnings in the first three quarters of BY
2012/13
15.03.2013 / 08:00
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Press Information
Sales and earnings in the first three quarters of the 2012/13 financial
year
Wolford announces sales increase and profit decline in the first nine
months of 2012/13
- Sales up 2.5% to EUR 124.13 million
- Own retail stores show sales growth while wholesale business declines
- EBIT below expectations at EUR 3.65 million
- Solid asset and financial situation
- Slight sales growth and positive operating result expected for the
entire financial year
Vienna/Bregenz, March 15, 2013. Wolford AG, a publicly listed company on
the Vienna Stock Exchange, increased its total sales by 2.5% in the first
nine months of the current fiscal year (May 1, 2012 - January 31, 2013)
from EUR 121.13 million to EUR 124.13 million. The EBIT decreased from EUR
9.66 million to EUR 3.65 million. 'While the retail business in most of
Wolford's core geographic markets developed well, showing solid
third-quarter growth of 4%, the wholesale sector remained quite restrained
and in part reported a significant decline', comments Holger Dahmen, Chief
Executive Officer of Wolford AG. 'Earnings failed to meet our expectations
because of cost increases related to the targeted expansion of our
international distribution network as well as higher marketing costs and
rental fees', CEO Dahmen continues.
Own stores and Online Business show sales growth while wholesale business
declines
In the first nine months of the current fiscal year, the Wolford Group
succeeded in growing sales by 2.5% or EUR 3.00 million to EUR 124.13
million. This is largely attributable to the positive development of
Wolford's own retail stores (own boutiques, factory outlets, concession
shop-in-shops and online shops), which on balance achieved a 9% rise in
sales. The Wolford Group also posted sales growth of 4% in the retail
segment on a like-for-like basis. In general, Wolford-owned boutiques and
online shops showed a very positive development, generating sales increases
of 10% and 56% respectively.
In contrast the wholesale sector reported a decline of 4% in total. Wolford
is counteracting the sales decline of its wholesale business by
intensifying the cooperation with partners and retailers, where measure
have already been taken.
From a regional perspective, sales developed positively in most of
Wolford's core geographic markets. Significant growth was achieved in the
USA, Wolford's strongest selling market. Wolford also succeeded in
increasing sales in Germany, France, Great Britain, Scandinavia,
Switzerland and Belgium.
In comparison, Italy and Spain suffered considerable sales declines from
the prior-year level due to the difficult economic conditions while sales
in the Netherlands also decreased. In Austria sales growth to return in the
future is expected, in part due to an improved location of the Vienna
Airport boutique.
EBIT below expectations at EUR 3.65 million
Whereas the prior-year period was characterized by a strong expansion of
the stock of finished goods, the company focused on inventory and cash
optimization during the first nine months of the current fiscal year. The
higher costs related to the opening of numerous boutiques as well as
considerably higheradvertising, freight, IT and consulting costs led to an
increase in other operating expenses from EUR 31.85 million to EUR 36.88
million. Against this backdrop, EBIT of the Wolford Group fell from EUR
9.66 million to EUR 3.65 million in the first nine months of the 2012/13
fiscal year. In contrast, the financial result improved by EUR 0.44 million
to EUR -0.86 million on the basis of the reduction in net debt along with
the lower interest rates on financial liabilities. On balance, earnings
after tax of the Wolford Group in the first three quarters of the 2012/13
fiscal year amounted to EUR 2.48 million, compared to EUR 7.06 million in
the prior year.
Solid asset and financial situation
The Wolford Group continued to boast a solid asset and capital structure as
at January 31, 2013. Compared to the previous full-year balance sheet date
of April 30, 2012, total assets rose from EUR 145.50 million to
EUR 148.31 million. Total equity of the Wolford Group at the reporting date
amounted to EUR 84.59 million, and was thus EUR 0.98 million above the
previous full-year's balance sheet. The equity ratio was at a level of 57%
and gearing totaled 19%.
Outlook
In the coming months the management of the Wolford Group expects the
economic environment to remain challenging in its most important markets of
Europe and the USA. In particular, Southern Europe will continue to be
characterized by widespread uncertainty on the part of consumers, whereas
perceptible economic growth is anticipated in Asian markets as well as in
the Middle East. Against this backdrop, the Wolford Group is proceeding
with its expansion strategy, with the aim of strengthening controlled
distribution, increasing the number of Wolford-owned boutiques, expanding
its online business and achieving sustainable growth based on new
distribution models, also in its partner and wholesale business.
From today's perspective, the management of the Wolford Group expects
slight sales growth in the 2012/13 fiscal year as well as positive
operating results. However, earnings will be significantly below the
prior-year level. The measures initiated to strengthening distribution
channels and the intense monitoring of all cost items in the Group should
safeguard the company's market position in the long-term and improve its
competitiveness.
Financial data for the first three quarters of the 2012/13 fiscal year
(May 1, 2012 - January 31, 2013)
Earnings Data 05/12-01/13 05/11-01/12 Chg. % 2011/12
Revenues in EUR mill. 124.13 121.13 +2 154.06
EBITDA in EUR mill. 9.79 15.57 -37 15.32
EBIT in EUR mill. 3.65 9.66 -62 7.00
Earnings before tax in EUR mill. 2.79 8.35 -67 5.17
Earnings after tax in EUR mill. 2.48 7.06 -65 1.36
Earnings per share in EUR 0.51 1.44 -65 0.28
Capital expenditure in EUR mill. 4.22 6.25 -32 7.94
Free cash flow in EUR mill. 1.00 -1.36>100 0.40
Employees on average 1,614 1,673 -4 1,665
Balance Sheet Data 31/01/13 31/01/12 Chg. % 30/04/12Capital employed = shareholders' equity plus interest-bearing debt less
Equity in EUR mill. 84.59 88.97 -5 83.61
Net debt in EUR mill. 16.44 17.15 -4 15.38
Capital employed in EUR mill. 117.60 123.31 -5 115.30
Working capital in EUR mill. 42.27 42.53 -1 39.77
Balance sheet total in EUR mill. 148.31 153.35 -3 145.50
Equity ratio in % 57 58 - 57
Gearing in % 19 19 - 18
cash and cash equivalents
Working capital = sum of inventories, trade receivables and other current
receivables and assets less trade payables and other current
liabilities
The detailed Wolford Report on the first three quarters of 2012/13 is
available at www.wolford.com/Investor Relations.
Contact:
Holger Dahmen (Chief Executive Officer)
Thomas Melzer (Chief Financial 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; Frankfurt in
Open Market ; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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204054 15.03.2013
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