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Hugo Boss: sales & earnings reach new highs in 2011

10
Feb '12
The Managing Board of HUGO BOSS AG releases key figures from the preliminary, unaudited consolidated financial statements for 2011. The year 2011 was HUGO BOSS' most successful in its history to date. Sales and earnings reached new highs after performance in the final quarter of the year was stronger than management had initially expected.

“2011 was another record year for HUGO BOSS. And 2012 has also got off to a good start for us,” says Claus-Dietrich Lahrs, CEO of HUGO BOSS AG. “I am therefore confident, despite the uncertain economic environment, that we will take another big step towards achieving our medium-term goals in the current fiscal year.”

On a preliminary basis, sales in the fourth quarter of 2011 were up 17% after adjustment for currency effects. In euros, the Group generated an 18% increase in sales to EUR 499 million (2010: EUR 422 million). Double-digit increases in all regions and significant growth in the Group's own retail business contributed to this development. As a result of the positive sales development and the improvement in the gross profit margin by 240 basis points to 66.2% (2010: 63.8%), EBITDA before special items rose by 26% to EUR 97 million (2010: EUR 77 million). The own retail expansion and efficiency improvements in this distribution channel played a major role in this increase.

Consolidated net income attributable to shareholders reached EUR 53 million in the fourth quarter of 2011, representing growth of 67% as compared to the previous year's level of EUR 32 million.

For 2011 as a whole, Group sales thus amounted to EUR 2,059 million on a preliminary basis (2010: EUR 1,729 million). This corresponds to a 19% increase both on a currency-neutral basis and in the reporting currency. With the exception of the wholesale channel, which recorded high single-digit growth, all regions, distribution channels and brands posted double-digit sales increases.

The gross profit margin rose by 200 basis points to 61.4% (2010: 59.4%). Supported by efficiency improvements, EBITDA before special items thus increased by 34% to EUR 469 million (2010: EUR 350 million). At EUR 284 million, consolidated net income attributable to shareholders was up 53% on the previous year's level of EUR 186 million.

Trade net working capital amounted to EUR 407 million at the end of 2011, up 26% year-on-year (2010: EUR 323 million). Inventories rose by 21% to EUR 458 million (2010: EUR 377 million). However, net debt decreased by 26% to EUR 149 million (2010: EUR 201 million) due to the substantial improvement in earnings.

HUGO BOSS AG


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