Upscale hosiery and lingerie manufacturer Wolford AG on Thursday posted a 12 per cent slide in first quarter net sales on the weak dollar and closure of several loss-making stores.

The firm, which has around 250 stores, said in a statement sales in Spain and France were strong with orders up 36 per cent and 23 per cent, respectively.

It added revenues in Japan, Germany and Switzerland continued to fall and it sees hoping to report at least flat sales for the remaining three fiscal quarters.