The loss of the Austrian clothing supplier Wolford AG increased significantly in the 2022 financial year. The after-tax deficit rose to 34.9 million euros in the past year, the company, which belongs to the Lanvin Group, said in an ad hoc announcement on Wednesday. In 2021, the net loss was only 12.3 million euros.
The loss before interest and taxes (EBIT), which had amounted to almost 5.3 million euros in the previous year, grew to 28.6 million euros according to the available figures. The company admitted that the “disappointing EBIT result of the first half of the year” continued for the rest of the year. “Despite immediate cost-cutting measures from the appointment of the new Management Board in August 2022, the significant drop in earnings in the first half of 2022 could not be slowed down sufficiently,” says a statement.
Wolford is now back to a comprehensive reform and austerity program. “These measures, cuts and investments, initiated from August 2022, will largely show their effects in 2023,” the company assured.
The clothing supplier was able to make strong progress in terms of sales last year. The company had already announced a significant increase in February, citing unaudited figures. According to the results that have now been published, revenues amounted to 125.5 million euros, exceeding the 2021 level by 15 percent.