EANS-News: Wolford AG: Detailed Figures Announced for the First Quarter of 2018/19
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement. -------------------------------------------------------------------------------- Quarterly Report Bregenz - * Sustainable reduction of fixed costs * Net debt cut in half * Successful rollout of the new shop window concept Bregenz, September 7, 2018: Wolford AG, which is listed on the Vienna Stock Exchange, generated revenue of EUR 25.01 million in the first three months of the current financial year, comprising a decline of 14% compared to EUR 29.09 million in the previous year. The drop in revenue equalled 12.2% when adjusted for changes in currency exchange rates (especially the decrease in value of the Swiss franc and the US dollar). Within the context of systematically reducing ongoing costs, Wolford managed to slightly improve operating earnings (EBIT) in spite of the substantial revenue decline and higher marketing costs. EBIT in the first three months of the current 2018/19 financial year amounted to EUR -7.00 million, compared to EUR -7.22 million in the prior-year period. Earnings after tax amounted to EUR -7.56 million, down from EUR -6.91 million in the first quarter of 2017/18. As a brand which mainly stands for legwear, Wolford particularly suffered from the heat wave prevailing over the past few months and thus had to contend with a decrease in revenue. Moreover, this year's summer collection aroused even less interest than was originally expected as a consequence of the months-long vacancy in the position of chief designer. Increased equity ratio, net debt almost halved The successfully concluded capital increase in July raised about EUR 22 million in fresh capital for Wolford. As a result, the equity ratio improved considerably to 39% compared to 29% in the previous year. The repayment of loans led to a significant 46% drop in net debt, from EUR 37.90 million to EUR 20.56 million. Initial measures implemented with respect to digitalization and internationalization Wolford achieved an important milestone in its global market presence by rolling out a new retail display window concept. The new concept was installed at close to 120 stores in August. Different seasonal product information and image films about Wolford can be seen on three to four video screens in every shop window, combined with the corresponding products from the current fashion collection. The response is very encouraging because young people are observed positively and increasingly going into the shops. In August alone, sales of the newly presented FATAL dress promoted in this manner rose by about 75% compared to the previous year. The company is systematically pressing ahead with expanding its business in Asia. The revenue trend is moving in the right direction. Revenue on the Asian market rose considerably by 13% in the first three months of 2018/19. As announced, the company is currently working on a marketing strategy for China. Commercial ties with Chinese business partners are being significantly expanded, applying to partners both in the online business and physical retail. Outlook Wolford confirms its financial guidance published within the context of presenting its annual results for 2017/18 on July 13, 2018. Earnings generated in the traditionally weak first quarter do not comprise the decisive factor determining the performance of the company in the rest of the financial year. The management expects positive operating earnings (EBIT) in the current financial year, especially due to the positive impact of its restructuring program. The report for the first quarter of the 2018/19 financial year can be downloaded under company.wolford.com, Investor Relations. https://tinyurl.com/ybbywcau Earnings 05 -07/18 05 -07/17 Chg. in % 2017/18 Data Revenues in EUR mill. 25.01 29.09 -14 149.07 EBIT in EUR mill. -7.00 -7.22 +3 -9.22 Earnings in EUR mill. -7.37 -7.44 +1 -11.43 before tax Earnings in EUR mill. -7.56 -6.91 -9 -11.54 after tax Capital in EUR mill. 0.52 0.33 +58 1.40 expenditure Free cash in EUR mill. -11.67 -7.08 -65 1.83 flow Employees FTE 1,360 1,491 -9 1,433 (on average) Balance 31.07.2018 31.07.2017 Chg. in % 30.04.2018 Sheet Data Equity in EUR mill. 47.19 38.09 +24 33.90 Net debt in EUR mill. 20.56 37.90 -46 30.09 Working in EUR mill. 38.89 44.82 -13 34.59 capital Balance in EUR mill. 122.01 129.60 -6 114.33 sheet total Equity ratio in % 39 29 +33 30 Gearing in % 44 99 -56 89 Stock Exchange 05 -07/18 05 -07/17 Chg. in % 2017/18 Data Earnings per in EUR -1.14 -1.41 +19 -2.35 share Share price in EUR 17.70 19.75 -10 19.75 high Share price in EUR 13.30 16.00 -17 11.36 low Share price at in EUR 15.87 17.42 -9 13.60 end of period Shares outstanding in 1,000 6,631 4,912 +35 4,912 (weighted) Market capitalization in EUR mill. 106.65 87.10 +22 68.00 (ultimo) Further inquiry note: Wolford AG Maresa Hoffmann Investor Relations & Corporate Communications Tel.: +43 5574 690 1258 investor@wolford.com | company.wolford.com end of announcement euro adhoc -------------------------------------------------------------------------------- issuer: Wolford Aktiengesellschaft Wolfordstrasse 1 A-6900 Bregenz phone: +43(0) 5574 690-1268 FAX: +43(0) 5574 690-1219 mail: investor@wolford.com WWW: http://company.wolford.com ISIN: AT0000834007 indexes: ATX GP stockmarkets: New York, Wien, Frankfurt language: English
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