• 2009/10 sales down 2.2% to EUR 144.0m
  • 10.7% drop in sales during the first six months
  • Swings to profit

Retailer Wolford Group has announced a slight dip in full-year sales, hampered by "consumer restraint" in the first half.

Net profit for the 2009/10 fiscal year amounted to EUR2.6m though, compared to a loss of EUR1.2m in the prior year, thanks to cost reduction and efficiency-enhancing measures.

“We were aware of and flexibly responded to the difficult economic conditions at an early stage. The cost reduction and efficiency-enhancing measures initiated by the Wolford Group have had a sustainable impact.

"This demonstrates that we are not only capable of surviving crisis situations, but emerge strengthened from them,” said Holger Dahmen, CEO of Wolford Aktiengesellschaft.

“Sales also stayed high despite a dampened consumer climate, declining slightly by 2.2% for the 2009/10 fiscal year as a whole. Moreover, consumer demand behavior seems to have further stabilised. Sales in the second half of the 2009/10 fiscal year already rose 6.9% year-on-year. This positive trend makes us quite optimistic for the future," he added.

Click here to read the company's full financial release.