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Driven by growth in all regions Hugo Boss Q1 sales up 9%
May '15
Driven by growth in all regions, sales in the first quarter ending March 31, 2015 at German fashion marketer and retailer Hugo Boss were up 9 per cent over the previous year’s first quarter.

For the first quarter of 2015, revenue at Hugo Boss Group totaled to €668 million, up 9 per cent from €613 million in the prior year first quarter.

According to a Hugo Boss press release, exchange rate effects, above all the appreciation of the US dollar, positively influenced growth in euro terms.

After currency adjustment, Hugo Boss reported a 3 per cent year on year hike in first quarter of 2015 sales, underpinned by performance across all regions.

“Sales in Europe rose by 3 per cent and the core markets in UK and Germany, where Hugo Boss clearly decoupled from overall market development, yielded above-average growth,” it said.

In the Americas, sales were up 2 per cent year over year in local currencies in the reporting quarter, while the US market expanded by 4 per cent also from a year ago quarter.

Adjusted for currency effects, sales in Asia Pacific region were up 1 per cent, in which sales fell 3 per cent in China after currency adjustment, while Australia and Japan in particular performed well.

The Group's gross margin rose by 10 basis points to 65.5 per cent in the quarter under review from 65.4 per cent in 2014.

“Positive effects from the disproportionately strong growth of the Group's own retail business were partially offset by negative inventory valuation effects,” Hugo Boss explained.

Operating expense development was negatively affected by currency translation effects, retail cost hikes related to expansion of its own retail network in particular as well as higher marketing expenses.

Accordingly, EBITDA before special items was stable compared with the prior year first quarter and touched €132 million.

According to Hugo Boss, at 19.7 per cent, the adjusted EBITDA margin was 170 basis points down on the prior year first quarter's figure.

Net working capital amounted to €566 million at the end of the first quarter of 2015, up 23 per cent over end of last year’s first quarter figure of €461 million.

“This primarily reflects a rise in inventories of 25 per cent in reporting terms and 12 per cent in currency-adjusted terms,” the German fashion goods marketer observed.

The Hugo Boss management expects sales and profit growth to accelerate in the further course of the year, underpinned in particular by its own retail business.

Against this backdrop, it reconfirmed its guidance that sales will grow at a mid-single-digit rate after currency adjustment in 2015, with all regions contributing to the achievement of this goal.

Hugo Boss expects further improvement in profit compared to the first quarter as the year progresses with positive effects expected in the second half of the year from strict inventory management. (AR)

Fibre2fashion News Desk - India

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