AUSTRIA: Wolford Q3 profit down despite revenue rise
- Q3 pre-tax profit down 4.6% to EUR4.2m
- Revenue up 2.2% to EUR48.61m
- Company reaffirms guidance
Austrian hosiery brand Wolford has seen its third-quarter pre-tax profit decline despite Christmas trading pushing revenue higher.
Pre-tax profit stood at EUR4.2m (US$5.8m) during the third quarter ended January. Revenue, meanwhile, grew 2.2% to EUR48.6m thanks to a "satisfactory" Christmas.
The company said it is in a phase of "sustainable change". The strategic refocusing plan presented in December is being consistently implemented to return the business to profitability as quickly as possible.
During the first nine months of the year, earnings before tax slumped 66% to EUR1.3m, while revenues slipped 0.6% to EUR123.4m.
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