EQS-Adhoc: Wolford AG: Wolford AG presents detailed figures for the fiscal year 2022

EQS-Ad-hoc: Wolford AG / Key word(s): Annual Results
Wolford AG: Wolford AG presents detailed figures for the fiscal year 2022

12-Apr-2023 / 15:39 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS
Group AG.
The issuer is solely responsible for the content of this announcement.

══════════════════════════════════════════════════════════════════════════

• SALES € 125,5 m
• EBITDA € -11,8 m
• EBITDA margin -9,4 %
• EBIT € -28,6 m
• EBIT margin -22,8 %
• Earnings after taxes € -34,9 m

With sales of 125.5 million Euro for the reporting period January to
December 2022, Wolford AG beat the previous year (January to December
2021) by 16.2 million Euro (+ 15%). As anticipated in the H1 Results, EBIT
(operating result before financial and tax expenses) did not improve and
Wolford AG closed 2022 at -28.6 million Euro.
The positive sales growth is a result of increased investments in
effective marketing activities, on-trend designer collaborations, as well
as the impact of Wolford‘s new focused and elevated product proposition of
iconic styles and smart seasonal assortments. Revenue growth in 2022 was
recorded across all DTC channels. Both retail and online grew, at 28% and
7% respectively, while wholesale remained almost flat with -1% despite the
cyberattack we had at our third-party logistics warehouse. In the USA,
Wolford saw particularly strong development at plus 44%, in EMEA sales
grew by 9% notwithstanding the war, and in the APAC region Wolford
slightly exceeded the previous year’s level despite the lockdowns in
China.
Despite immediate cost cutting corrective actions, the significant
earnings erosion of H1 2022 could not be slowed sufficiently from when the
new management board took over in August 2022. Looking only at the largely
one-off events and expenses in 2022, 9.3 million Euro negatively impacted
Wolford EBIT for the full year. As such, the disappointing H1 EBIT result
of -16.9 million Euro carried into the second half for an annual EBIT loss
of -28.6 million Euros.
Multiple measures have been taken by the new management board to increase
operational efficiency by accelerating and broadening Wolford‘s
restructuring efforts with a significantly greater focus on cost control.
This February a capital increase of 17.6 million Euro was implemented to
secure liquidity.
These measures, cuts and investments initiated from August 2022 will
largely show their impact in 2023, and they already have: Q1 2023 sales
have come in above budget, cash flow and earnings are on track to finally
deliver the sustained profitability the management board, with the support
of Wolford’s majority shareholder, is confident in being able to deliver.

End of Inside Information

══════════════════════════════════════════════════════════════════════════

12-Apr-2023 CET/CEST News transmitted by EQS Group AG. www.eqs.com

══════════════════════════════════════════════════════════════════════════

Language: English
Company: Wolford AG
Wolfordstrasse 1
6900 Bregenz
Austria
Phone: +43/5574/6900
E-mail: investor@wolford.com
Internet: www.wolford.com
ISIN: AT0000834007
WKN: 83400
Indices: ATX
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Munich, Stuttgart; Vienna Stock Exchange (Official Market)
EQS News ID: 1606179

 
End of Announcement EQS News Service

1606179  12-Apr-2023 CET/CEST