Wolford posts 3.4 percent decline in annual revenue

Wolford AG, for the 2017/18 financial year reported revenue decline by 3.4 percent to 149.07 million euros (174.2 million dollars). Adjusted for currency items, the company said, the downturn in revenues came to 1.4 percent.

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Wolford added that given the systematic reduction in current expenses, operating earnings (EBIT) rose by 6.5 million euros (7.6 million dollars) to 9.22 million euros (10.7 million dollars), while the annual loss after tax amounted to 11.54 million euros (13.49 million dollars) against 17.88 million euros (20.90 million dollars) in the previous year.

Wolford further said in a statement that the company will be investing in digitizing its business in the current financial year, and especially in expanding its online business and digital marketing aimed at younger target groups, which also includes the planned expansion in the company’s cooperation with global and national online retail partners.

Wolford plans to systematically expand its business in Asia. While the management will be relying on the master franchise partners for its entry into the Japanese market, its marketing strategy for China, the company said, will be assisted by Fosun, its new principal shareholder.

Picture:Wolford website