Leading luxury lingerie and hosiery producer Wolford on Tuesday said a major restructuring exercise and cost-cutting programme had resulted in a reduction in first quarter losses.

The Bregenz-based group revealed losses before interest and tax of 3.16 million euros versus a loss of 3.53 million in the year-ago period on sales of 26.1 million euros compared to 27.6 million euros.

Wolford said that 5.4 per cent slide in sales was a result of its main customers delaying orders for the fall/winter collection, with sales up in Italy, Spain, the Netherlands and France, but down in Germany.