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Hugo Boss posts second quarter profit hike

Premium business Hugo Boss Group is on course to meet its 10% growth target, reporting double digit increases during the second quarter of 2012.

EBITDA before special items grew by 23% in the second quarter to €78m (£60.9m) in the three months to the end of June, outstripping the 13% growth in the first quarter.

Sales in the second quarter of 2012 grew by 14% to €485m (£378.9m) with Europe growing by 17% thanks to growth across all regions.

Sales at Hugo Boss’ wholesale operation grew 10% compared to the previous year, largely thanks to the introduction of four equally sized collections a year with the summer collection, mainly delivered in the second quarter, growing in importance. Additionally a greater proportion of the autumn collection was delivered in the second quarter.

Hugo Boss own store sales grew by 4% on a like-for-like basis as total sales grew 16%.

In the first six months of the year group sales rose by 12% to €1.09bn (£852m). Europe grew in line with the wider operation, also at 12%. Wholesale sales grew by 4% compared with the same period last year and sales at Hugo Boss’ retail arm grew by 21%, or 7% on a like-for-like basis. Operating profit rose 16% to €226m (£177m) in the first half.

“We again achieved significant increases in sales and earnings in the first six months,” said chief executive officer Claus-Dietrich Lahrs. “This success was driven by increases in all regions. We are therefore confident that we shall achieve our targets for the year as a whole even in a more challenging economic environment.”

Hugo Boss has said it expects to see up to a 10% growth in sales for the full year with all regions contributing to this. During the course of the year the group plans around 70 new store openings.

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