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HUGO BOSS makes a positive start to 2011
02
May '11
HUGO BOSS AG has made a positive start to 2011. Sales and earnings posted significant double-digit growth in the first quarter of 2011.

"The first quarter results confirm that we have carried our momentum from 2010 into 2011," commented Claus-Dietrich Lahrs, CEO of HUGO BOSS AG, on the publication of the quarterly report. "The improvements in all regions and distribution channels show how strong our business model is. It allows us to exploit the growth potential in the individual markets even better. An important component of our success is the closer communication with the end consumer."

HUGO BOSS Group sales rose in the first quarter of 2011 by 19% on a currency-adjusted basis. In euro, the Group recorded sales growth of 21% to EUR 539 million (2010: EUR 444 million). All regions contributed to this result with double-digit, currency-adjusted growth rates (Europe +14%, America +21%, Asia/Pacific +46%). Also, the wholesale channel recovered well year-on-year. Sales adjusted for currency effects were 10% higher than last year. Own retail sales (including outlets and online) compared with 2010 rose by 38% adjusted for currency effects. Comp store sales in directly operated stores grew by 8% in local currency.

Improvements to the gross profit margin of 2.2 percentage points to 58.4% (2010: 56.2%) were primarily supported by above-average own retail growth and a consistently enforced pricing policy. The increase in gross profit margin also supported improvements of the adjusted EBITDA margin. This increased by 3.7 percentage points to 24.4% (2010: 20.7%). In absolute terms, EBITDA before special items was EUR 132 million, or 43% higher than last year (2010: EUR 92 million).

In the first quarter, the Group further reduced its net financial liabilities. Year-on-year, net debt declined by 41% to EUR 187 million (2010: EUR 316 million).

Following the results of the first quarter, management has confirmed its targets for 2011. Group sales are expected to rise by at least 12% adjusted for currency effects. Further own retail expansion and considerable growth in China and the US will contribute to this development. The increase in operating income (EBITDA before special items) is expected to be at least 15%.

HUGO BOSS AG

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