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EANS-News: Wolford AG: Detailed Figures Announced for the First Quarter of 2018/19

  Corporate news transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is responsible for the content of this announcement.

Quarterly Report

Bregenz -

* Sustainable reduction of fixed costs
* Net debt cut in half
* Successful rollout of the new shop window concept

Bregenz, September 7, 2018: Wolford AG, which is listed on the Vienna Stock
Exchange, generated revenue of EUR 25.01 million in the first three months of
the current financial year, comprising a decline of 14% compared to EUR 29.09
million in the previous year. The drop in revenue equalled 12.2% when adjusted
for changes in currency exchange rates (especially the decrease in value of the
Swiss franc and the US dollar). Within the context of systematically reducing
ongoing costs, Wolford managed to slightly improve operating earnings (EBIT) in
spite of the substantial revenue decline and higher marketing costs. EBIT in the
first three months of the current 2018/19 financial year amounted to EUR -7.00
million, compared to EUR -7.22 million in the prior-year period. Earnings after
tax amounted to EUR -7.56 million, down from EUR -6.91 million in the first
quarter of 2017/18.

As a brand which mainly stands for legwear, Wolford particularly suffered from
the heat wave prevailing over the past few months and thus had to contend with a
decrease in revenue. Moreover, this year's summer collection aroused even less
interest than was originally expected as a consequence of the months-long
vacancy in the position of chief designer.

Increased equity ratio, net debt almost halved

The successfully concluded capital increase in July raised about EUR 22 million
in fresh capital for Wolford. As a result, the equity ratio improved
considerably to 39% compared to 29% in the previous year. The repayment of loans
led to a significant 46% drop in net debt, from EUR 37.90 million to EUR 20.56

Initial measures implemented with respect to digitalization and

Wolford achieved an important milestone in its global market presence by rolling
out a new retail display window concept. The new concept was installed at close
to 120 stores in August. Different seasonal product information and image films
about Wolford can be seen on three to four video screens in every shop window,
combined with the corresponding products from the current fashion collection.
The response is very encouraging because young people are observed positively
and increasingly going into the shops. In August alone, sales of the newly
presented FATAL dress promoted in this manner rose by about 75% compared to the
previous year.

The company is systematically pressing ahead with expanding its business in
Asia. The revenue trend is moving in the right direction. Revenue on the Asian
market rose considerably by 13% in the first three months of 2018/19. As
announced, the company is currently working on a marketing strategy for China.
Commercial ties with Chinese business partners are being significantly expanded,
applying to partners both in the online business and physical retail.


Wolford confirms its financial guidance published within the context of
presenting its annual results for 2017/18 on July 13, 2018. Earnings generated
in the traditionally weak first quarter do not comprise the decisive factor
determining the performance of the company in the rest of the financial year.
The management expects positive operating earnings (EBIT) in the current
financial year, especially due to the positive impact of its restructuring

The report for the first quarter of the 2018/19 financial year can be downloaded
under, Investor Relations.

Earnings                     05 -07/18     05 -07/17     Chg. in %       2017/18
Revenues     in EUR mill.        25.01         29.09           -14        149.07
EBIT         in EUR mill.        -7.00         -7.22            +3         -9.22
Earnings     in EUR mill.        -7.37         -7.44            +1        -11.43
before tax
Earnings     in EUR mill.        -7.56         -6.91            -9        -11.54
after tax
Capital      in EUR mill.         0.52          0.33           +58          1.40
Free cash    in EUR mill.       -11.67         -7.08           -65          1.83
Employees             FTE        1,360         1,491            -9         1,433
(on average)

Balance                     31.07.2018    31.07.2017     Chg. in %    30.04.2018
Sheet Data
Equity       in EUR mill.        47.19         38.09           +24         33.90
Net debt     in EUR mill.        20.56         37.90           -46         30.09
Working      in EUR mill.        38.89         44.82           -13         34.59
Balance      in EUR mill.       122.01        129.60            -6        114.33
sheet total
Equity ratio         in %           39            29           +33            30
Gearing              in %           44            99           -56            89

Stock Exchange                 05 -07/18    05 -07/17    Chg. in %       2017/18
Earnings per         in EUR        -1.14        -1.41          +19         -2.35
Share price          in EUR        17.70        19.75          -10         19.75
Share price          in EUR        13.30        16.00          -17         11.36
Share price at       in EUR        15.87        17.42           -9         13.60
end of period
outstanding        in 1,000        6,631        4,912          +35         4,912
capitalization in EUR mill.       106.65        87.10          +22         68.00

Further inquiry note:
Wolford AG
Maresa Hoffmann
Investor Relations & Corporate Communications
Tel.: +43 5574 690 1258 |

end of announcement                         euro adhoc

issuer:       Wolford Aktiengesellschaft
              Wolfordstrasse 1
              A-6900 Bregenz
phone:        +43(0) 5574 690-1268
FAX:          +43(0) 5574 690-1219
ISIN:         AT0000834007
indexes:      ATX GP
stockmarkets: New York, Wien, Frankfurt
language:     English

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