German fashion house Hugo Boss' Q1 FY21 sales fall 8% to €497 mn

Hugo Boss, a German luxury fashion house, has reported 8 per cent sales decline to €497 million in its first quarter (Q1) of fiscal 2021, that ended on March 31, 2021 compared to the sales of €555 million in the same period previous fiscal. However, during the reported period, the group’s net loss reduced to €8.0 million (Q1 FY20: €18 million).

 

Hugo Boss, a German luxury fashion house, has reported 8 per cent sales decline to €497 million in its first quarter (Q1) of fiscal 2021, that ended on March 31, 2021 compared to the sales of €555 million in the same period previous fiscal. However, during the reported period, the group's net loss reduced to €8.0 million (Q1 FY20: €18 million).#

“Despite ongoing implications of the pandemic, especially in Europe, we have seen a solid and promising start into the year,” Yves Muller, spokesperson of the managing board of Hugo Boss AG, said in a press release.

 

Hugo Boss, a German luxury fashion house, has reported 8 per cent sales decline to €497 million in its first quarter (Q1) of fiscal 2021, that ended on March 31, 2021 compared to the sales of €555 million in the same period previous fiscal. However, during the reported period, the group's net loss reduced to €8.0 million (Q1 FY20: €18 million).#

Gross profit for Q1 FY21 slipped to €300 million (€349 million), while operating expenses reported a loss of €300 million (€363 million). Group’s operating profit was €1 million (loss: €14 million).

 

Hugo Boss, a German luxury fashion house, has reported 8 per cent sales decline to €497 million in its first quarter (Q1) of fiscal 2021, that ended on March 31, 2021 compared to the sales of €555 million in the same period previous fiscal. However, during the reported period, the group's net loss reduced to €8.0 million (Q1 FY20: €18 million).#

Sales in Asia/Pacific rose to €101 million (€74 million) primarily driven by mainland China, where sales almost doubled as compared to the prior-year period, reflecting robust local demand as well as the successful execution of regional events such as Chinese New Year in February, as company stated. Also in the Americas, Hugo Boss successfully continued its business recovery, with sales of €80 million (€98 million), whereas sales in Europe slipped to €299 million (€367 million).

 

Hugo Boss, a German luxury fashion house, has reported 8 per cent sales decline to €497 million in its first quarter (Q1) of fiscal 2021, that ended on March 31, 2021 compared to the sales of €555 million in the same period previous fiscal. However, during the reported period, the group's net loss reduced to €8.0 million (Q1 FY20: €18 million).#

The group’s online sales gained momentum during Q1 FY21 with 72 per cent sales growth. On the contrary, retail sales decreased 14 per cent, while wholesale sales were up 1 per cent. 

 

Hugo Boss, a German luxury fashion house, has reported 8 per cent sales decline to €497 million in its first quarter (Q1) of fiscal 2021, that ended on March 31, 2021 compared to the sales of €555 million in the same period previous fiscal. However, during the reported period, the group's net loss reduced to €8.0 million (Q1 FY20: €18 million).#

“I am particularly pleased by the further progress along our strategic growth drivers – online, mainland China and casualwear – which have all seen momentum further accelerating. All this makes us confident for the remainder of the year as we expect both sales and EBIT to recover noticeably in the further course of 2021,” Muller concluded in the release.