Luxury intimate apparel company Wolford reported a reduced loss for the first quarter, with a sales increase of six percent driven partly by the expansion of the company’s own distribution network.
The company reported a loss of 1.75 million euros for the quarter ending on July 31, 2011, compared to a 2.51 million loss the previous year.
Pre-tax loss decreased to 1.74 milion euros, from 2.82 million last year, and EBITDA was 649 thousand euros, compared to a loss of 459 thousand euros in 2010.
Sales over the quarter rose by 6.4 percent to 31.78 million euros, with considerable growth across nearly all markets, particularly Spain, which saw an increase of 87.6 percent.
The first quarter is usually the weakest for the company due to traditionally lower sales in hosiery over the summer months.
Wolford chief executive officer Holger Dahmen said: "This positive development against the backdrop of an economically challenging environment is primarily the result of the targeted expansion of our own sales outlets."