The High-End Underwear Brand Wolford Will Continue To Lose Money In The Current Fiscal Year, Which Will Lower Its Financial Expectations.

Despite the gradual success of cost cutting projects, the poor sales performance of last year's Christmas shopping season and the continued weak market demand in January this year have made Austria's high-end underwear brand Wolford issued a profit warning in January 15th and lowered its financial expectations for the 2018/2019 financial year.

After the news was released, Wolford's share price in Austria's Vienna Stock Exchange (VSE) fell by nearly 9% to 10.5 euros per share.

Wolford said that they had always believed that the restructuring measures could make the company return to profitability in the 2018/2019 fiscal year. But the less desirable Christmas shopping season and the continued market downturn in January this year led the board to make a decision to reduce the 2018/2019 financial year's financial expectations. Wolford will still suffer losses in the financial year.

In recent years, Wolford has been trying to reverse the decline in sales.

The company cut costs through restructuring measures and narrowed its losses, narrowing the 2018/2019's pre tax profit (EBIT) loss from 6 million 190 thousand euros last year to 5 million 920 thousand euros in the first half of fiscal year.

At the same time, they also launched a new brand strategy to actively expand the Asian market.

At present, the Chinese market is the main focus of the company's future development. They have not only formulated marketing strategies for the Chinese market, but also talked with Chinese businessmen on the cooperation between online platforms and physical stores.