The bodywear group Wolford AG achieved sales of EUR 48.17 million in the first six months of the current short fiscal year 2020 (May 2020 to December 2020), which was around 20 percent below the previous year’s figure of EUR 60.49 million . Euro. According to Wolford, the loss in sales of EUR 12 million compared to the same period last year was “lower than planned”.
Despite the declining sales revenues, the previous year’s earnings before taxes (EBT) of -12.03 million euros were exceeded by around 1 million euros at -11.28 million euros. The effects from property sales were not taken into account here (EBT including effects from property sales EUR 30.00 million). According to the company, the purchase price of EUR 72 million for the property at Wolfordstrasse 1-3 in Bregenz was used, as planned, at the beginning of May to fully discharge the debt.
Wolford’s online business was the biggest growth engine in the past six months. There was an increase of 54 percent over the previous year. To date, sales of more than EUR 9 million have been achieved through the sale of around 630,000 Wolford Care Masks since mask production began in March 2020. The structural costs (personnel and operational costs) could be reduced in the comparison period by approx. 7 million euros (approx. 12 percent), still well above plan.
Now it is a matter of consistently continuing the company’s chosen path. In November, the “Wolford” brand was successfully expanded to include the lines “The W” and “W lab”, which are now part of the new face of the Wolford brand. The cooperation with adidas has indeed clearly exceeded expectations, as has the introduction of “The W” on the online platform Farfetch. A revival was also initiated in the Essential area, which is being promoted through targeted campaigns. With the Aurora Monogram line, which is part of the “The W” collection, Wolford claims that it is continuing to implement sustainability standards.
According to Wolford, the business with e-tailers and marketplaces will also grow in double digits, also into the following year 2021. Further positive sales effects are expected from the partnership with a new sales partner in Japan and the planned expansion of the omnichannel architecture.
Despite strong half-year results, Wolford has been feeling the effects of the second lockdown wave, which is traditionally the strongest quarter of the year, the Christmas quarter, since the end of October. The effects are expected to be felt well into the coming year. From today’s perspective, however, Wolford assumes that it will continue to break even in the coming year, provided that the assumptions about the development of the corona pandemic hold up, according to the company. In this context, management has implemented additional measures to ensure long-term liquidity.
The reported half-year results show that the course has been set for a successful realignment of Wolford. The decisive factor now is the continued stable sales development despite the Covid 19 pandemic, the consistent continuation of the PITBOLI (Program for Immediate Top and Bottom Line Impact) program in conjunction with the use of the Corona-specific government support services, according to the company.
1. Wolford creates protective masks: Double-layer, high-quality, breathable material enables unhindered breathing when worn. The absolutely water-repellent processing ensures a perfect cover with an optimal fit thanks to the finest sewing technology. Highly elastic, extra-thin straps ensure that the mask fits perfectly. Before packaging, the mask is treated with UV light to kill bacteria, viruses and germs. Wash at 60 ° C, Credit: Wolford, (© Aussender) >> Open on photaq.com
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Wolford creates protective masks: double-layer, high-quality, breathable material enables unhindered breathing when worn. The absolutely water-repellent processing ensures a perfect cover with an optimal fit thanks to the finest sewing technology. Highly elastic, extra-thin straps ensure that the mask fits perfectly. Before packaging, the mask is treated with UV light to kill bacteria, viruses and germs. Wash at 60 ° C, Credit: Wolford, (© Aussender)
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