Hugo Boss, a German luxury fashion house, has posted 33 per cent sales decline to €1.94 billion in its complete fiscal 2020 that ended on December 31, 2020 compared to the sales of €2.88 billion in the previous fiscal. During the reported year, group incurred net loss of €219.2 million compared to the net income of €205.2 million in FY19.

 

Hugo Boss, a German luxury fashion house, has posted 33 per cent sales decline to €1.94 billion in its complete fiscal 2020 that ended on December 31, 2020 compared to the sales of €2.88 billion in the previous fiscal. During the reported year, group incurred net loss of €219.18 million compared to the net income of €205.2 million in FY19.#

“For Hugo Boss, 2020 was undoubtedly a challenging year. I am proud that we have managed to overcome the many challenges of the pandemic, ending the year with a positive free cash flow,” Yves Müller, spokesperson of the managing board of Hugo Boss, said in a press release.

 

Hugo Boss, a German luxury fashion house, has posted 33 per cent sales decline to €1.94 billion in its complete fiscal 2020 that ended on December 31, 2020 compared to the sales of €2.88 billion in the previous fiscal. During the reported year, group incurred net loss of €219.18 million compared to the net income of €205.2 million in FY19.#

Gross profit for FY20 slipped to €1.18 billion (€1.87 billion). Operating expenses declined 14 per cent to €1.31 billion (€1.52 billion). Group’s operating loss for the year amounted to €236 million (€344 million).

 

Hugo Boss, a German luxury fashion house, has posted 33 per cent sales decline to €1.94 billion in its complete fiscal 2020 that ended on December 31, 2020 compared to the sales of €2.88 billion in the previous fiscal. During the reported year, group incurred net loss of €219.18 million compared to the net income of €205.2 million in FY19.#

Sales in Europe were down 31 per cent to €1.23 billion (€1.80 billion) reflecting double-digit declines in all key markets and temporary store closures, which significantly impacted the region’s sales development, especially in the second and fourth quarter. While sales in Americas fell 42 per cent to €308 million (€560 million) during 2020 due to temporary closure of the majority of retail stores as well as a significantly decline in sales to tourists put a strain on sales development.

 

Hugo Boss, a German luxury fashion house, has posted 33 per cent sales decline to €1.94 billion in its complete fiscal 2020 that ended on December 31, 2020 compared to the sales of €2.88 billion in the previous fiscal. During the reported year, group incurred net loss of €219.18 million compared to the net income of €205.2 million in FY19.#

Also, in Asia/Pacific, many markets recorded double-digit sales declines. However, business in mainland China returned to double-digit growth already in the course of the second quarter and was thus able to offset some of the regional sales decline.

 

Hugo Boss, a German luxury fashion house, has posted 33 per cent sales decline to €1.94 billion in its complete fiscal 2020 that ended on December 31, 2020 compared to the sales of €2.88 billion in the previous fiscal. During the reported year, group incurred net loss of €219.18 million compared to the net income of €205.2 million in FY19.#

“We have made significant progress along the execution of our strategic initiatives especially in the important online business, and in China. Although the pandemic continues to have a severe impact on our business in the short term, I am highly confident when it comes to the further recovery of our business in the course of the year. We will continue to leverage the global trend of casualisation,” Müller said.