Hugo Boss is a German luxury brand that has reported an increase in sales of 42 percent to EUR755 millions during the third quarter of FY21 ending on September 30, 2020, as compared to the same period last fiscal year, and 5 percent more than Q3 FY19. The operating result (EBIT), which is the company’s profit, increased to EUR85million (Q3 FY20 EUR15million).
In a press statement, Hugo Boss CEO Daniel Grieder said: “We are proud of the strong quarter we had, with sales and profits exceeding levels before the pandemic.” “We made great progress in executing our Claim 5 Strategy, especially when it came to boosting our brand among younger consumers.”
Grieder said, “The launch of the second Boss x Russell Athletic Collection is a blueprint for how we can fully unleash our brands’ potential as a team together in the future.”
Operating expenses in Q3 totaled EUR381 millions, a 41 percent increase. The net income attributable shareholders soared by over 100% to EUR53million.
Sales in Europe increased by 38 percent from Q3 FY20, with the UK, France and Germany leading the way, while Americas saw a 94 percent increase. Temporary store closures in Southeast Asia hampered the Asia/Pacific sales, which fell by 1% from the third quarter 2020.
Hugo Boss’s retail and wholesale business both grew by 40%, while the online business grew by 37%, compared to the third quarter of FY20.
The German company stated that its sales are expected to grow by 40 percent during FY21. This is up from the previous guidance of 30-35 percent, and contributions should come from all regions. EBIT will be between EUR175 and EUR200 millions.
