German luxury fashion brand Hugo Boss has unveiled its financial report for the first quarter of this fiscal. During the quarter under review, the retailer recorded higher sales and earnings compared to the prior year.
Growth in Europe and Asia compensated for the decline in sales seen in the Americas. The core markets of Great Britain and China particularly showed solid growth. The business in Germany was up too, thanks to the wholesale business.
During the quarter, the market environment in the US was affected by declining footfall in the retail business and heavy discounting. In comparison to the prior year, however, Hugo Boss managed to restrict the decline in sales in the American market, even though the company evaded the discount pressure from trade partners as much as possible and the wholesale business continued to be burdened by distribution restrictions.
A solid increase in earnings in the first quarter was bolstered by ongoing strict cost management. The company therefore confirms its financial outlook for the full year.
Also Read – Hugo Boss expects stable 2017
In the second half of the year in particular, HUGO BOSS will expand its offering in the commercially important entry-level price range and strengthen its collection especially in the casualwear section. A comprehensive set of measures primarily focused on increasing customer footfall and commercially optimizing the hugoboss.com website is intended to bring the e-commerce business back on course towards website is intended to bring the e-commerce business back on course towards business to increase during the rest of the year.
