- Prachi Singh |
Wolford AG, in its annual financial statements for the 2018/19 financial year said that its revenues amounted to 137.22 million euros (153.39 million dollars), down 8 percent compared to the previous year’s figure of 149.07 million euros. The company said in a statement that in common with stationary fashion retailers worldwide, Wolford is suffering from the effects of far-reaching structural change and a slowdown in growth in West European fashion markets.
However, the company added that due to sustainable impact of its existing restructuring program, the company fully made up for the 11.85 million euros reduction in its revenues. Despite lower revenues, operating earnings (EBIT) showed a slight improvement of 0.24 million euros from 9.22 million euros in the previous year to 8.98 million euros. Earnings after taxes also improved slightly, from 11.53 million euros to 11.10 million euros.
The company further said that personnel expenses also dropped to 60.24 million euros, down by a substantial sum of 14.97 million euros compared with the 2016/17 financial year. Following the measures taken in the past two financial years to cut jobs in the administration and production departments in Bregenz, the average number of employees fell by 197 compared with the 2016/17 financial year and now amounts to 1,347.