AUSTRIA: Wolford Q1 losses widen to EUR3.07m
Austrian luxury goods company Wolford has widened its first quarter losses to EUR3.07m (US$4.3m), up from EUR1.21m for the comparable period last year, blaming the cost of expanding its production capacity and distribution network.
"It was not possible for the Austrian luxury label to match the exceptionally strong first quarter of the prior year," a statement said.
Sales during the period were up by 16.9% to EUR30.52m, with revenues at double digit rates in almost all markets and strategic distribution channels.
Wolford CEO Holger Dahmen said: "The expansion of our range by ready-to-wear products and the clear focus on the improvement and expansion of our monobrand store network are bearing fruit in the form ofthe powerful sales growth now underway for nine quarters.
"We are very pleased with the order situation and early sales results for the autumn/winter 2007/08 collection, which is being welcomed with great enthusiasm by retailers and consumers worldwide.
"We continue to expect profit for the year as a whole to rise more rapidly than sales, and predict that sales will reach at least EUR150m by the end of the fiscal year."
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