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Hugo Boss profits up 30% in first half

Hugo Boss reported a pre-tax profit hike of 30% to 82.4m (£68.8m) in the six months to June 30. EBITDA was up 16% to 118m (£98m).

The premium menswear retailer and brand saw its sales in the Europe, Middle East and Africa region fall back 9% to 489.9m (£408.7m), although UK sales were up 3% over the period after adjustments for currency effects.

Total group revenue increase 7% to 325m (£271m) for the period, with retail sales particularly strong - up 25% to 288m (£240m). Its own-store sales rose 10% on a like-for-like basis.

Hugo Boss increased its store numbers by 26 over the period and now operates 458 stores worldwide.

Wholesale continued to perform weakly for the group, with a decline of 14%, which Hugo Boss blamed on continual cautiousness among buyers, particularly in the southern and eastern European markets.

Hugo Boss chief executive and chairman Claus-Dietrich Lahrs said: “Hugo Boss has used the last two years, characterised by the global economic crisis, to take a good look at its business model and to optimise it.

“The fact that we have defined the right areas of growth is shown by the welcoming figures from our retail division and our double-digit growth in sales in the Americas and in Asia. The 2010 financial year is all set to be a great year for Hugo Boss.”

 

 

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