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Hugo Boss UK sales grow but profit falls 9%

Hugo Boss UK sales grew 12% to £245.2m in the year to 31 December, but profit fell by 9% to £20.5m compared with the previous year.

Hugo Boss UK opened one new directly operated store in London, six new concessions and five new outlets across the UK during the period.

The firm employed 33 more people during the period, finishing the year with 931 employees.

Its turnover grew thanks to continued growth in both retail and wholesale, as well as the introduction of an online store. Retail sales increased 14%, while wholesale sales increased by 7%.

The firm’s turnover was split 74% retail and 26% wholesale.

“General retailing conditions in the UK were challenging throughout 2016, with consumer uncertainty due to the current economic climate and the UK’s decision to leave the European Union,” wrote UK managing director Stephen Born in a Companies House filing.

“However, the company experienced a temporary uplift due to increased overseas visitors taking advantage of the favourable exchange rate of the pound sterling.”

The Germany-based parent firm presented a new strategy at the end of last year, designed to help it achieve “sustainable, profitable growth”. The portfolio will be focused on the core Boss line and the entry-level price Hugo, which will be priced around 30% lower than Boss.

It will discontinue the Boss Orange and Boss Green labels as independent brands, and integrate them into the core Boss range to offer a “consistent brand experience”.

The firm is also working to harmonise its sales prices globally.

 

 

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