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Wolford posts drop in profits while revenues rise

Austrian hosiery and lingerie brand Wolford has posted a 4.1% drop in operating profits for the full-year to end-April.

The brand, best known for its tights, said operating profit fell to €7m (£5.4m), down from €7.3m (£5.7m) the previous full-year.

Profits were eroded as a result of an audit for 2003 to 2010, which resulted in the company paying taxes of around €3m (£2.3m) for the period under review.

Despite the dip in operating profit, the brand posted a 1.3% rise in revenues to €154m (£120m) for the 12 month period.

Wolford’s three largest markets all posted growth with its biggest market, Germany, up by 5% during the year. The US climbed 4% and its home market of Austria was up by 2%. The UK market also saw strong growth for the brand, up by 8% over the full-year period.

The brand grew the number of its stores worldwide from 106 to 118 during the year, and continued to open shop-in-shops in department stores.

Retail sales now represent 55% of overall sales for the brand, compared to 51% last year.

Stockists of Wolford in the UK include department store group House of Fraser, Selfridges and designer indie mini chain Matches.

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