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Wolford issues profit warning

Wolford has issued a profit warning for its current financial year due to a sluggish sales in January and the continuing effects of the weakened pound.

wolford

The Austrian hosiery, lingerie and bodywear manufacturer and brand expects to make an operating loss of between €8m (£6.8m) and €10m (£8.5m) for its full year to 30 April.

Sales for the year are expected to be down 8% on 2016.

Wolford said: “In spite of a slight recovery in revenue development starting in November 2016 and Christmas sales matching the prior-year level, revenue in January declined again.

“The weak market environment in the first half-year along with negative currency effects, particularly in relation to the British pound, and an internal problems in sales planning combined to burden earnings.”

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