Hugo Boss’ net income down 12 per cent in third quarter
Hugo Boss booked lower net income while sales stood flat in the third quarter amid macroeconomic challenges.
Net income fell 12 per cent to €56 million (US$60 million) while sales totaled €1.03 billion, virtually unchanged from the year-ago period.
By brand, Boss Menswear’s sales remained flat at €785 million while Boss Womenswear grew 1 per cent to €74 million and Hugo inched 1 per cent higher to €171 million.
By segment, Asia Pacific sales declined 8 per cent to €110 million due to persistent subdued consumer demand in China.
EMEA sales climbed 1 per cent to €662 million and Americas did not show any growth at €228 million.
Licenses sales rose 12 per cent to €29 million.
“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,” said Daniel Grieder, Hugo Boss CEO.
“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.”
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