Q3/YTD 2024 developments
- HUGO BOSS generates further revenue improvements despite persistently challenging market environment (Q3: +1%; YTD: +2%)
- Growth trajectory in the Americas (Q3: +4%) and EMEA (Q3: +1%) continues; performance in Asia/Pacific (Q3: –7%) impacted by ongoing weak domestic demand in China
- Robust revenue improvements in brick-and-mortar wholesale (Q3: +4%) and digital (Q3: +6%); brick-and-mortar retail (Q3: –3%) affected by muted consumer sentiment
- Launch of the BOSS Fall/Winter 2024 campaign in August marks the beginning of long-term partnership with David Beckham
- BOSS Spring/Summer 2025 collection unveiled at Milan Fashion Week, generating more than 40 million livestream views worldwide
- New customer loyalty program “HUGO BOSS XP” drives increase in member base (+25% year over year to ~10 million)
- Operating expenses in Q3 remain broadly stable, reflecting the Company’s increased focus on driving cost efficiency (Q3: +1%; YTD: +5%)
- EBIT amounts to EUR 95 million in Q3 supported by focused cost management, translating into an EBIT margin of 9.3% (YTD: EUR 235 million; 7.7%)
- Improvements in free cash flow (Q3: EUR 40 million; YTD: EUR 197 million) driven by further optimization in trade net working capital
Q4/FY 2024 initiatives
- HUGO BOSS confirms top- and bottom-line outlook for full-year 2024
- Ongoing focus on driving cost efficiency to support profitability also in Q4
- HUGO BOSS XP loyalty program rolled out in Germany and France in October
- BOSS holiday campaign featuring global all-star cast to be launched in November
- New BOSS Halo Store in Shanghai to open its doors in December
Daniel Grieder, Chief Executive Officer of HUGO BOSS: “In the third quarter, HUGO BOSS achieved solid top-line improvements despite the ongoing weak consumer sentiment. This is a clear testament to the power of BOSS and HUGO, which we have built in recent years by consistently executing our ‘CLAIM 5’ strategy.
Most importantly, and despite the volatile market backdrop, we have further enhanced the relevance of our brands, deepening customer engagement and continuing driving brand experiences and product offerings. This includes the launch of our latest Fall/Winter 2024 collections back in August, but also our BOSS Spring/Summer 2025 show at Milan Fashion Week, which was our most successful fashion show ever in terms of social media reach. And, not to forget, our new loyalty program HUGO BOSS XP: following the launch in the UK market, we have taken our innovative omnichannel membership program to the next level, now offering this unique experience also to our German and French customers.
I am just as pleased that in the third quarter we have also made important progress when it comes to improving cost efficiency. By further leveraging our global sourcing activities and rigorously executing our cost measures introduced earlier this year, we have improved productivity and effectiveness across our business, and supported our bottom-line development.
As we approach the important final quarter of 2024, we will continue investing in key strategic initiatives and projects to further strengthen our brands and elevate customer connection with BOSS and HUGO. At the same time, we remain focused on leveraging our strong operational platform and driving further cost efficiencies. This balanced approach is essential for safeguarding our profitability in 2024 and beyond, while ensuring the long-term success of HUGO BOSS.”
If you have any questions, please contact:
Media Relations
Carolin Westermann
Senior Vice President Global Corporate Communications
Phone: +49 7123 94-86321
E-mail: carolin_westermann@hugoboss.com
Investor Relations
Christian Stöhr
Senior Vice President Investor Relations
Phone: +49 7123 94-87563
E-mail: christian_stoehr@hugoboss.com
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