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Hugo Boss Posts Q2 Operating Profit

German luxury fashion brand Hugo Boss AG (HUGSF.PK) reported that its preliminary operating profit or EBIT for the second quarter of 2021 was 42 million euros compared to minus 250 million euros in the previous year, reflecting the strong Group sales development as well as ongoing tight overhead cost control in the three-month period. In addition, the non-recurrence of negative inventory valuation effects and impairment charges recorded in the prior-year quarter also contributed to the development.

Currency-adjusted group sales for the second-quarter increased 133% from the prior year. Also in Group currency, sales more than doubled, up 129% to 629 million euros in the three-month period from the prior year. Compared to the second quarter of 2019, the decline in Group sales was therefore limited to 4%, currency-adjusted.

Hugo Boss said it is confident that the company's overall business recovery will continue in the second half of 2021, despite the persisting uncertainties regarding the further development of the pandemic.

The company forecasts currency-adjusted group sales for fiscal year 2021 to increase by between 30% and 35% from the prior year's 1.95 billion euros, with contribution expected from all regions.

The company projects annual EBIT to be between 125 million euros and 175 million euros compared to prior outlook of EBIT minus 236 million euros.

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