Hugo Boss: sharp drop in profits, forecasts cut

(CercleFinance.com) - Hugo Boss has announced Q2 sales of E1,015m, down 1% y-o-y.


Meanwhile, Q2 EBIT slumped 42% to E70m, giving net profit, group share of E37m, down 51%, i.e. EPS of E0.54 (-51%).

After a period of strong sales momentum, the global market environment deteriorated considerably in H1 2024. Weakening consumer sentiment in most markets led to a rapid slowdown in growth across the sector, from which we were unable to escape completely, Hugo Boss said.

Against this backdrop, Hugo Boss is now targeting sales growth of 1% to 4% for 2024 (E4.2bn to E4.35bn), compared with a 3% to 6% previous growth forecast.

Annual net income is generally expected to fall - between -15% and +5%, compared with +5% to +15% previously.


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