• Ashish Sensarma appointed as CEO 
  • Axel Dreher named deputy CEO 
  • Returns to profit in first half
Wolford posted positive earnings for the first time since 2011/12

Wolford posted positive earnings for the first time since 2011/12

Austrian hosiery brand Wolford AG has named Ashish Sensarma as its new CEO, and returned to a profit in the first six months of the year. 

Sensarma will be responsible for marketing and sales as well as the coordination of the corporate strategy.

With more than 30 years of experience in the apparel industry, he most recently served as COO of luxury swimwear brand Vilebrequin. He started his career at Mexx, where he grew the fashion brand to more than EUR400m (US$500.8m) operating in over 300 stores.

In addition, COO Axel Dreher has been named deputy CEO.

Separately, the company recorded positive earnings for the first time since 2011/12. Earnings after tax reached EUR1.38m from May to October, compared to a loss of EUR1.96m in the same period of last year.

Meanwhile, revenues fell 2.9% to EUR72.6m from EUR74.8m a year ago, due to the closure of unprofitable points of sale and a sudden downturn in the fashion and retail branch in Europe and the US since September.

Retail revenues climbed 1%, while Wolford's online business posted growth of 24%. Wholesale sales, however, fell 8% due to a substantial decline in orders by partners in reaction to the weakness in consumer spending and lower customer frequency.

By region, Germany and the US reported deeper year-on-year declines of 5% and 7% respectively. Revenues in Central and Eastern Europe fell significantly (-19%) due to the Ukraine crisis. But, Italy saw revenues rise 11% and Spain up 15%. 

"2014/15 is a year of transition, when we create the basis for future profitable growth," said Dreher.