Hugo Boss profits fall amid flat sales

In EMEA, currency-adjusted sales were up 1% in the three-month period to 30 September. This performance was driven by revenue improvements in Germany, which largely compensated for softer sales in France and the UK.

In the Americas, the company continued its growth trajectory with currency-adjusted revenue growth of 4%, led by double-digit increases in Latin America.

However, currency-adjusted sales in the Asia Pacific region were down 7%, mainly reflecting ongoing weak demand in China. Revenues in the license business increased by 12% during the quarter, led by growth in its fragrance business.

EBIT dropped 7% to €95m (£80m) while earnings per share were down 13% to €0.79 (£0.66).

The company has maintained its full-year guidance of a 1% to 4% sales increase in group currency, following a downgrade in July from a 3% to 6% increase. It expects EBIT for 2024 to develop in a range of -15% to +5%, totalling €350m (£294m) to €430m (£361m).

CEO Daniel Grieder said: "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.

"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."