Hugo Boss, a German luxury fashion house, posted 16 per cent decrease in its sales to €555 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of €664 million in same period prior year. Gross profit fell from €424 million in Q1 FY19 to €349 million in the reported quarter. Net income reported a loss to €18 million.
“The Covid-19 pandemic is an unprecedented exceptional situation for our company too,” Mark Langer, Chief Executive officer of Hugo Boss, said in a press release. “We have done our utmost to ensure the financial flexibility and stability of our company. I am absolutely convinced that together we will safely navigate Hugo Boss through this unusual time.”
Sales in Europe fell 14 per cent to €367 million in the first quarter. Sales in the Americas were 15 per cent down to €98 million. AsiaPacific sales dropped 31 per cent to €74 million. The Group’s own retail business declined 16 per cent to €333 million. Brick and mortar retail dropped 20 per cent to €295 million. The wholesale business fell 17 per cent to €206 million.
Both Boss businesswear and casualwear recorded low double-digit sales decline in the first quarter. Sales of brand Boss fell 17 per cent to €473 million. Sales of brand Hugo decreased 11 per cent to €82 million. Sales of menswear were down 17 per cent to €499 million. Womenswear sales fell 15 per cent to €56 million.
