“In an economic environment, which has not become any easier in all relevant sales markets, we continued to grow in the first half of the year,” said Claus-Dietrich Lahrs, Chief Executive Officer of HUGO BOSS AG. “The investments in our brands as well as our collections will be the cornerstone for a successful second half year. We are therefore confirming our sales and earnings targets for 2013.”
All regions and distribution channels grow in second quarter
All regions and distribution channels contributed to the positive sales development in the second quarter of 2013. Overall, sales increased by 11% on a currency-neutral basis. In euro, the Group posted growth of 10% to EUR 532 million (Q2 2012: EUR 485 million).
Europe posted double-digit currency-adjusted sales growth of 14%. Due to its relatively high wholesale share, the region benefited from the summer collection, which was mainly delivered in the second quarter. The currency-adjusted growth of 9% in the Americas was driven predominantly by growth in the U.S. In Asia, sales adjusted for currency effects increased by 7%, which is primarily attributable to an improved development in China, especially in Hong Kong.
Supported by the positive effects of the new collection cycle, sales in the wholesale business posted currency-adjusted growth of 6% in the second quarter. Sales in own retail (including outlets and online business) increased by 15% in local currencies. The increase in own retail comp store sales amounted to 2% before currency effects.
Positive inventory valuation effects, lower sales deductions as well as the above-average sales growth in own retail led to an increase of the gross profit margin by 340 basis points to 65.8% (Q2 2012: 62.4%). Due to the significant sales growth and positive development of the gross profit margin, EBITDA before special items increased by 31% to EUR 102 million (Q2 2012: EUR 78 million).The adjusted EBITDA margin therefore increased by 300 basis points to 19.1% in the second quarter (Q2 2012: 16.1%).
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