German fashion label Hugo Boss’ turnover grew 1 % in 2017’s first quarter. There was growth virtually everywhere, but it did suffer a sizeable setback in the United States.
Retail sales are stable
The first quarter turnover reached 651 million euro: European turnover grew 2 % (thanks to a 7 % growth in the United Kingdom) and Asian turnover even grew 3 %. North and South American turnover slumped 4 %, mainly because of a 7 % turnover crash in the United States, although there were also receding sales in Canada and Latin America.
“We’ve made a solid start to the current fiscal year. In Europe and Asia especially, we’ve been heading in a positive direction. In the next weeks, we will be presenting our new collections to the public. That’s an important milestone in implementing our strategy. I am convinced that, after this year of stabilization, we will return to profitable and sustainable growth”, Hugo Boss’ chairman Mark Langer said.
At 371 million euro, Hugo Boss’ retail turnover remained level compared to the year before, but that did constitute a 3 % like-for-like turnover drop. Once again, the culprit was an American drop, because Europe experienced a slight turnover growth.
Aside from its turnover, Hugo Boss managed to increase its profit: operational profit grew 20 % to 64.4 million euro and net profit increased 25 % to 48 million euro.
