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EQS-Ad-hoc: HUGO BOSS AG / Key word(s): Quarter Results/Change in Forecast
HUGO BOSS AG: HUGO BOSS ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS AND UPDATES ITS FULL-YEAR 2024 OUTLOOK
15-Jul-2024 / 22:58 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News
- a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Metzingen, July 15, 2024

HUGO BOSS ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS AND UPDATES ITS FULL-YEAR 2024 OUTLOOK
HUGO BOSS updates its financial outlook for full year 2024, factoring in the persistent macroeconomic and geopolitical
challenges that are dampening global consumer demand. These headwinds contributed to a further slowdown of industry
growth, affecting the top- and bottom-line performance of HUGO BOSS in the second quarter. The overall market
environment remained particularly challenging in key markets such as the UK and China.
On a preliminary basis, currency-adjusted Group sales in the second quarter remained 1% below the prior-year level.
Also in Group currency, sales declined 1%, amounting to EUR 1,015 million (Q2 2023: EUR 1,026 million). At the same
time, operating profit (EBIT) in the second quarter amounted to EUR 70 million on a preliminary basis (Q2 2023: EUR 121
million). Besides the overall softer sales trends, additional marketing investments (+21% to EUR 82 million; Q2 2023:
EUR 68 million) and higher brick-and-mortar retail costs (+12% to EUR 238 million; Q2 2023: EUR 213 million) also
contributed to the decline in EBIT. These factors were partially compensated by a robust improvement in gross margin in
the second quarter (+50 basis points to a level of 62.9%; Q2 2023: 62.3%), as HUGO BOSS continues to successfully drive
efficiencies along its global sourcing activities.
From a balance sheet perspective, HUGO BOSS further improved its cash position, with free cash flow amounting to EUR
143 million in the second quarter (Q2 2023: EUR 60 million). This development mainly reflects a further optimization of
inventory levels, down 7% currency-adjusted year over year. Consequently, at 24.9%, inventories as a percentage of
Group sales came in 340 basis points below the prior-year level (June 30, 2023: 28.3%). At the same time, capital
expenditure was up 14% totaling EUR 76 million in the three-month period (Q2 2023: EUR 66 million).
Against the backdrop of the second quarter performance as well as ongoing uncertainties regarding the future
development of global consumer sentiment, HUGO BOSS adjusts its financial outlook for fiscal year 2024. Management now
expects Group sales to increase by +1% to +4% in Group currency to an amount of around EUR 4.20 billion to EUR 4.35
billion (previously: sales to increase between +3% and +6% to around EUR 4.30 billion to EUR 4.45 billion). This
includes the expectation of currencies having a slightly negative impact on top-line development in 2024. At the same
time, HUGO BOSS now expects EBIT for full year 2024 to develop in a range of -15% to +5%, amounting to around EUR 350
million to EUR 430 million (previously: EBIT to increase by +5% to +15% to around EUR 430 million to EUR 475 million),
thus taking into account the overall market volatility.
HUGO BOSS will publish its full set of second quarter results on August 1, 2024.

If you have any questions, please contact:

Christian Stöhr
Senior Vice President Investor Relations
Phone: +49 7123 94-87563
E-mail: christian_stoehr@hugoboss.com
End of Inside Information
15-Jul-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press
Releases.

Archive at www.eqs-news.com  
Language:     English 
Company:      HUGO BOSS AG 

Holy-Allee 3
72555 Metzingen
Germany

Phone:        +49 (0)712 394-0 
Fax:          +49 (0)712 394-80259 
E-mail:       info@hugoboss.com 
Internet:     www.hugoboss.com 
ISIN:         DE000A1PHFF7 
WKN:          A1PHFF 
Indices:      MDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, 

Dusseldorf, Hamburg, Hanover, Munich, Tradegate Exchange
EQS News ID: 1946671

End of Announcement EQS News Service
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1946671 15-Jul-2024 CET/CEST

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July 15, 2024 17:00 ET (21:00 GMT)