Germany’s Hugo Boss sees 40% sales growth in Q3FY21

In light of a further strong acceleration in its business recovery in the third quarter of 2021, for the first time, Hugo Boss has recorded sales and earnings above pre-pandemic levels, thereby significantly exceeding overall market expectations. On a preliminary basis, currency-adjusted group sales increased 40 per cent as compared to the prior-year period.

In the third quarter of 2021, revenues were up 42 per cent, totaling €755 million as against €533 million in the third quarter of 2020. Compared to the third quarter of 2019, currency-adjusted group sales increased 7 per cent, driven by a particularly strong performance in Europe and the Americas, Hugo Boss said in a press release.

In Europe, sales increased 38 per cent in the third quarter as compared to the prior-year period, translating into sales growth of 9 per cent on a two-year stack basis, both currency-adjusted. In the Americas, sales almost doubled versus the prior-year level, up 94 per cent currency-adjusted. Consequently, currency-adjusted sales exceeded 2019 levels by 14 per cent. In Asia/Pacific, where renewed COVID-19 related restrictions, including temporary store closures, weighed on consumer sentiment in various key markets, sales remained 1 per cent below the prior-year level and 14 per cent below that of 2019. While also in mainland China, sales decreased 9 per cent against the prior-year level, they were up 15 per cent on a two-year stack basis.

In light of a further strong acceleration in its business recovery in the third quarter of 2021, for the first time, Hugo Boss has recorded sales and earnings above pre-pandemic levels, thereby significantly exceeding overall market expectations. On a preliminary basis, currency-adjusted group sales increased 40 per cent as compared to the prior-year period.

Sales in the company’s own retail business were up 40 per cent on the prior-year level, translating into growth of 13 per cent on a two-year stack basis, both currency-adjusted. The group’s own online business continued its robust performance also in the third quarter of 2021, posting strong double-digit growth of 37 per cent versus the prior-year period, and growth of 127 per cent on a two-year stack basis, both currency-adjusted. In the wholesale channel, currency-adjusted sales also grew 40 per cent versus the prior-year period, and remained only 1 per cent below 2019 levels.

Fibre2Fashion News Desk (RR)