Hugo Boss reports strong sales but profits dip
Wednesday 07 May 2014
A sales slowdown in China and the US at designer Hugo Boss was off-set by its success in dressing women in Europe, the German fashion group revealed today.
Hugo Boss, traditionally known for its menswear, recruited womenswear designer Jason Wu last year.
Wu, who counts the US first lady Michelle Obama as a fan, launched his first collection at the brand in February.
Demand for its womenswear helped the group report sales ahead 6 per cent for the first quarter in local currencies and up 3 per cent in euro terms to €613m.
Its European business was strongest with 8 per cent sales growth for the period while Asia sales were up 7 per cent in local currencies. Its US business suffered and sales fell 2 per cent.
Its wholesale business struggled and was down 6 per cent but the group said gross profit margin improved by 360 basis points to 65.4 per cent and overall net profit was flat for the period at €81.6 million.
The fashion group said it had reduced net debt by €97m to €27m in the period and will continue to expand this year. It plans around 50 new shops globally by the end of 2014.
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...