HUGO BOSS AG: HUGO BOSS ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS AND
UPDATES ITS FULL-YEAR 2024 OUTLOOK

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.

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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

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   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