LUXURY hosiery and intimate wear brand Wolford announced a modest EUR 1.3m profit for its fiscal year 2014/15, which marked a return into the black after a loss of EUR 2.8m in the preceding year. Despite the closure of 20 under-performing stores during the year, sales rose by 0.9 per cent against 2013/14, to EUR 157.4m. Online business rose by 24 per cent and owned store sales by 1 per cent. CEO Ashish Sensarma commented: “The transformation process of Wolford is not yet completed, but the strategy of refocusing on core competences of the group and systematic optimisation of own retail locations is showing the first results.” For 2015/16, the company targets a 10 per cent EBIT margin at mid-year.
It seems that the new management policies are set to make a lasting return to expansion of sales and profit.