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Hugo Boss Q2 sales jump, expects further recovery in H2 2021

By Prachi Singh

14 Jul 2021

Business

Image: Boss, Facebook

On a preliminary basis, Hugo Boss reported currency-adjusted sales increase of 133 percent as compared to the prior-year period. Also in group currency, sales were up 129 percent to 629 million euros in the three-month period. Compared to the second quarter of 2019, the decline in group sales was 4 percent.

Highlights of Hugo Boss results

The company said in a release that while currency-adjusted sales rose 130 percent in Europe and 416 percent in the Americas, currency-adjusted revenues in Asia/Pacific were up by 51 percent, as compared to the prior-year period.

Consequently, on a two-year stack basis, currency-adjusted sales in Europe and the Americas remained 4 percent and 5 percent below 2019 levels, respectively. In Asia/Pacific, currency-adjusted sales were down 3 percent as against the second quarter of 2019, with currency-adjusted sales in mainland China up 28 percent against the prior-year period and 33 percent on a two-year-stack basis, respectively.

Currency-adjusted retail sales in both company-owned retail and wholesale were up 124 percent and 170 percent, respectively, against the prior-year quarter. While company-owned retail sales remained 5 percent below 2019 levels, wholesale revenues were down 2 percent.

The company’s own online business recorded currency adjusted sales growth of 27 percent in the second quarter, implying growth of 122 percent on a two-year stack.

Hugo Boss operating profit improves, expects further growth in FY21

In the second quarter of 2021, on a preliminary basis, Hugo Boss generated EBIT of 42 million euros compared to minus 250 million euros last year. Despite the persisting uncertainties regarding the further development of the pandemic, Hugo Boss said that it is confident that the company’s overall business recovery will continue in the second half of 2021.

The company forecasts group sales in fiscal year 2021 to increase by between 30 percent and 35 percent currency-adjusted, with contribution expected from all regions. EBIT is forecast to come to between 125 million euros and 175 million euros in fiscal year 2021.