EANS-Adhoc: Wolford Aktiengesellschaft / Wolford adjusts Outlook for the Current Financial Year

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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is solely responsible for the content of this announcement.
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Earnings Forecast
31.08.2016

Following today's meeting, the Management Board of Wolford AG revised
its forecast for the current 2016/17 financial year (May 1, 2016 to
April 30, 2017).

In the light of a significant decline in first-quarter revenue (-18%)
compared to Q1 2015/16 and the ongoing market weakness in the month
of August, it is unlikely that the company will be able to make up
for the revenue decrease during the rest of the financial year.
Negative events in important core markets (i.a. political uncertainty
in the USA, fear of terrorism in France, Brexit) have led to weak
consumption and declining customer traffic. In particular, Wolford's
high margin retail business reported a 9% drop in revenue in the
first quarter of the 2016/17 financial year in comparison to the
prior-year period.

Against this backdrop and additional negative currency effects
(British pound), Wolford's operating results (EBIT) in the first
quarter of 2016/17 financial year amounted to minus EUR 8,3 million
(previous year: minus EUR 3,0 million) significantly lower than the
company originally forecast. This unfavorable earnings development
can only be potentially offset to a limited extent in subsequent
quarterly periods which traditionally report higher sales.

As a result, the Management Board expects revenue for the entire
2016/17 financial year to stagnate or drop slightly below the
prior-year level, and possibly negative operating results in the
lower single-digit million euro range. The implementation of the
program of measures designed to sustainably increase revenue, enhance
profitability and carry out a creative realignment of the company is
proceeding on schedule. The cost-cutting drive is being accelerated,
which is why the company reaffirms its medium-term planning targets.

Wolford AG will announce details on its business development on
September 9, 2016 within the context of the publication of its Report
on the First Quarter of 2016/17.

Further inquiry note:
Wolford AG
Maresa Hoffmann
Referentin Investor Relations & Corporate Communications
Tel.: +43 5574 690 1258
investor@wolford.com | company.wolford.com

end of announcement euro adhoc
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issuer: Wolford Aktiengesellschaft
Wolfordstrasse 1
A-6900 Bregenz
phone: +43 (0) 5574 690-1268
FAX: +43 (0) 5574 690-1219
mail: investor@wolford.com
WWW: company.wolford.com
sector: Textiles & Clothing
ISIN: AT0000834007
indexes: ATX Prime, ATX Global Players
stockmarkets: free trade: Frankfurt, regulated dealing: Wien, ADR: New York
language: English

Original Content von: Wolford Aktiengesellschaft, übermittelt durch news aktuell