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Hugo Boss group sales up 8% but wholesale revenue falls

Hugo Boss has reported an 8% rise in group sales to €559m (£443.1m) for the second quarter of 2014, but wholesale revenue slipped 6% year-on-year.

Sales across Europe increased by 10% during the 13 weeks to June 30, with “significant” double-digit growth reported in the UK. The brand did not provide a breakdown of sales figures for the UK.

It said the wholesale business, which dropped 6% to €194m (£153.8m), was “burdened” in the second quarter by the challenging market environment, the takeover of selling spaces previously managed by wholesale partners and the timing of deliveries shifting to the third quarter.

Retail sales, including stores and online, rose by 17% to €353m (£279m), while like-for-likes increased by 4% compared to 2013.

EBITDA, before special items, rose by 8% to €110m (£87.2m).

Claus-Dietrich Lahrs, chief executive of Hugo Boss, said: “Our consistently strong growth in Europe and our upturn in the Americas form the basis of these very solid quarterly results. Despite the persistently difficult environment in some key markets, we will grow even faster in the second half of the year, particularly in terms of earnings.

“We will expand our presence and brand strength in womenswear so as to secure long-term, profitable growth following on from this year’s double-digit sales increases.”

Hugo Boss confirmed it was on target to achieve high single-digit growth in sales in 2014, as forecast in March.

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