Wolford facing a tight budget

The listed Vorarlberg tights and lingerie manufacturer Wolford ended up making in the first quarter double the losses made in the same quarter last year.

The deficit increased from minus €1.8 million to minus €3.2 million. In comparison with the EBIT results however turnover increased significantly by 4.1% to €33.1 million. That was due to improvements in the company’s international distribution network. They had also managed to open new premises, the company announced.

The company said in a statement that the losses were as a result of the “traditional disproportionate costs in relation to turn over.”

For the business year 2011/2012 the company has announced a dividend of $.40 per share which will be paid on 27 September.

For the coming year the company plans to continue to expand and in particular will be looking to extend its operation in China.