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In the first nine months, currency-neutral wholesale sales were 1% lower year-on-year, while the Group’s own retail business added 19% in the same period. On a comparable store basis, growth in this distribution channel amounted to 5%.
With the help of sharply increased sales in the Group’s own retail business and efficiency improvements in production and sourcing, the gross profit margin was increased by 120 basis points to 61.1% (2011: 59.9%). EBITDA before special items improved by 5% to EUR 392 million (2011: EUR 372 million). The adjusted EBITDA margin fell by 140 basis points to 22.5% (2011: 23.9%).
Financial liabilities up slightly year-on-year at the end of the quarter
Trade net working capital increased by 8% to EUR 510 million at the end of the third quarter (September 30, 2011: EUR 470 million).
The increase in inventories slowed further compared with the previous quarter and amounted to 12% in reporting currency and 6% after adjustment for exchange rate effects respectively at the end of the period.
At EUR 88 million, investment exceeded the level of the previous year (2011: EUR 61 million) because of renovations to the Group's own retail network and infrastructure projects. Net financial liabilities increased slightly year-on-year as a consequence of these developments to EUR 250 million (September 30, 2011: EUR 247 million).
Management confirms financial outlook
HUGO BOSS expects currency-adjusted growth in sales of up to 10% in 2012. All regions are to contribute to this. While sales will remain roughly stable in the wholesale business, a double-digit increase is forecast for the Group’s own retail business.
Double-digit increases in sales and earnings are expected for the fourth quarter. The Group forecasts circa 80 net openings of new stores and shops-in-shops in the course of the year.
As a consequence of the planned expansion in the Group’s own retail network, of renovations to existing stores as well as infrastructure projects such as the construction of a new warehouse for flat-packed goods, investment in 2012 will exceed the previous year's figure.
An increase of between 10% and 12% is expected for the operating result (EBITDA before special items).
HUGO BOSS Group
| On 19th Sep 2020
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