Wolford AG — Earnings Release 2002

Nov 6, 2002

News Details

Ad-hoc | 6 November 2002 08:30

Wolford AG english

Press release from the Managing Board of Wolford AG Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Turnover in First Half of Financial Year 2002/03 (1 May 2002 – 31 October 2002): Group turnover down 7%, brand turnover down 7%. Turnaround continued successfully through strict cost management. Decline in turnover due to closure of unprofitable locations, currency relations and sluggish consumer spending. Good market response to world novelty “Individual Nature” and Wolford’s trendsetter products. Turnover trend: First half of 2002/03: EUR 61,76 mio, first half of 2001/02 EUR 66,67 mio. Turnover growth: Successful market development: CEE +41%, continual expansion efforts: NL +9%, impact of reorganisation reflected in Austria: +7% (prospering again in home market). Turnover decline: Consequences of closures: Far East -45%, persistent economic slowdown: Germany -17%, reorganisation phase at Wolford: U.K. -9%, exchange rate movement: U.S.A. -2% (+6% in USD terms). 15 new partner boutiques opened in top locations, thereof 7 in CEE countries. As of the end of H1 2002/03, the boutiques numbered 250. 2 new Wolford-owned outlets in NL and F. Partner boutiques: Turnover +5%, Wolford-owned boutiques: Turnover -4%, owing to closures and exchange rate movements. Department stores: Turnover -3% (due to destocking by department stores in the world’s major cities). Multibrand outlets: Turnover -16% (general neg. trend in retail industry world-wide). Product lines: Fall/winter 2002/03 collection: Core business Legwear held its own with a share of 48% in turnover. BodyCULTURE: Successful design of trendsetter products, +6%. The Bodywear product line is 2nd largest pillar of turnover, at 38%. Trendsetter Bodywear +16%. Vivienne Westwood: The innovative collaboration is off to a strong start and will continue with new designs for spring/summer 2003. The world novelty “Individual Nature” has been one of the Group’s five best-selling products. Pre-orders spring/summer 2003: Compared to one year earlier, advance orders grew at a doubled-digit rate as of the end of 10/2002. High market acceptance: Pre-order levels indicate that the strategic upgrading of the lingerie and swimwear lines is contributing to turnover growth. Staff: Wolford Group as of 31.10.2002: 1,736 employees (1,599 full-time), Wolford Group as of 31.10.2001: 2,010 employees (1,880 full-time). end of ad-hoc-announcement (c)DGAP 06.11.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Financial calendar: 11.12.02 Profits in H1 2002/03, 07.02.03 Turnover in Q3 2002/03, 13.03.03 Profits in Q3 2002/03. Internet: www.wolford.com, shareholders hotlines investor@wolford.com, phone 0043.5574.690.1250/1213, fax 0043.5574.690.1410/1219 ——————————————————————————– WKN: 083400; ISIN: AT0000834007; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg, München und Stuttgart 060830 Nov 02