HUGO BOSS achieves significant growth in sales and profits in first half of 2011
HUGO BOSS achieves significant growth in sales and profits in first half of 2011 and raises forecast for year as a whole.
Metzingen -- HUGO BOSS announced preliminary results for the first half of 2011. At the same time, the Group increased its expectations for sales and profits for the year as a whole.
In the second quarter of 2011, Group sales amounted to EUR 405 million, equivalent to a rise of 29% after adjustment for currency effects, or 25% in the reporting currency (2010: EUR 325 million). This positive development was due primarily to the comp store sales growth in the Groupís own retail business and the expansion of the Groupís own retail activities. The most significant increase in sales was posted in China and in the US market. EBITDA before special items rose to EUR 63 million in the second quarter (2010: EUR 31 million). Net income attributable to shareholders amounted to EUR 31 million, significantly above the previous yearís level of EUR 6 million.
HUGO BOSS thus generated sales of EUR 945 million in the first half of 2011 (2010: EUR 769 million). In comparison to the previous year, this represents a rise of 23% both after adjustment for currency effects and in the reporting currency. EBITDA before special items rose by 58% to EUR 195 million in this period (2010: EUR 123 million), while net income attributable to shareholders climbed by 80% to EUR 113 million (2010: EUR 63 million).
In view of the stronger than expected results in the past quarter, the Group is raising its forecasts for the year as a whole. After adjustment for currency effects, an increase in sales of 15% to 17% (previously: at least 12%) is now anticipated.
EBITDA before special items is expected to rise by 25% to 30% (previously: increase of at least 15%).
Details on the results of the past quarter and on the outlook for the current fiscal year will be announced by the Group in its presentation of the half year results on July 28, 2011.
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