Wolford Company News - Wolford expects EBIT break-even in 2021/22e
Wolford reported results for FY 19/20 (May 2019-April 2020) today. Covid-19 weighed down heavily on the figures, with the top line in 2H 19/20 down by 22.4% yoy, which pulled down the FY trend into -13.6% yoy. Retail revenues fell by 15.6% yoy (-16.5% in LCY terms and -13.1% yoy on lfl-basis). Wholesale revenues contracted by 15.6%. Wolfords own online sales shrank by 7.6% yoy, however total online sales contracted more steeply, by 13.4% yoy. The FY 19/20 EBIT loss amounted to EUR 28.7 mn, while EBITDA declined to EUR -4.0 mn from EUR -1.4 mn despite the rise of depreciation to EUR 24.7 mn from EUR 7.6 mn (driven by the implementation of IFRS 16).Wolford is engaged in the production and marketing of leg wear and ready-to-wear garments and lingerie, seasonal swimwear and complementary textile and leather accessories. Co. operates in two business segments: Retail, encompassing its boutiques and factory outlets, online business and shop-in-shops, and Wholesale, covering all business activities with other retailers. Co.'s products include: leg wear, ranging from pantyhose, stockings, stay-ups and knee-highs to leggings and socks; ready-to-wear products, including bodies, shirts and tops, sweaters, dresses, coats, skirts, lingerie, made of lace, satin and tulle; swimwear, encompassing swimsuits and bikinis and accessories.
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