HUGO BOSS in the First Half of 2009
(Thomson Reuters ONE) - Press ReleaseHUGO BOSS holds its ground in economic crisisSignificant rise in operating cash flowNet working capital down 29%Net debt reduced by 15%Slight sales decline of 5%Metzingen (Germany), July 30, 2009. By introducing a package ofmeasures very early on, HUGO BOSS has successfully reacted to theemerging effects of the global economic crisis.The initiatives taken at the end of last year include theoptimization of cost structures and improving and redesigning workprocesses. In addition, the Company has focused on reducing thecomplexity of its collection in the past six months. This was alsoaccompanied by a sustainable reduction of production and logisticscosts. A further key area was the ongoing expansion of directlyoperated stores. Particularly in the growth regions of the world,HUGO BOSS increased its presence with its own shops throughcorresponding investments.In the first half of the current fiscal year, HUGO BOSS generatedsales of EUR 788 million (H1 2008: EUR 831 million), a slight declineof only 5%.On the European market, HUGO BOSS recorded a drop in sales of 8% toEUR 540 million against the backdrop of the difficult general marketenvironment (H1 2008: EUR 588 million).Sales on the American continent continued to rise as a result ofpositive currency effects. In the reporting currency, these saleswere up 4% to a total figure of EUR 148 million (H1 2008:EUR 143 million). In local currencies, sales dipped by only 4%.In the Asia/Pacific region, HUGO BOSS posted sales of EUR 79 millionin the first half of 2009, virtually unchanged year-on-year in Groupcurrency.At EUR 21 million in the reporting period, license sales alsoremained steady as against the previous year in spite of the effectsof the economic crisis on the premium and luxury goods market.The internal performance indicator EBITDA was down 10% without takinginto account special items. This decline was due to a rise inimpairment losses on receivables and higher write-downs oninventories. Thanks to the successful initiatives as part of thestructural adjustments, consolidated net income was down onlymoderately to EUR 48 million in the first half of 2009.The cash flow from operating activities was particularly encouraging,rising significantly from EUR 29 million to EUR 154 million. This washelped in particular by the 29% drop in net working capital.Furthermore, net debt was down by 15% as against the previous year."The results for this first half of the year show that HUGO BOSS canreact quickly and flexibly to changes in the market and efficientlyimplement the right measures," commented Claus-Dietrich Lahrs,Chairman and CEO of the Managing Board of HUGO BOSS AG. "Thus, theGroup can and will hold its ground internationally in the currentturbulent environment."The detailed report on the first half of 2009 and further informationcan be found on the website www.group.hugoboss.com.Please direct any queries to:Philipp WolffDirector of CommunicationPhone: +49 (0) 7123 94-2375Fax: +49 (0) 7123 94-2051Investor RelationsPhone: +49 (0) 7123 94-1326E-mail: Investor-Relations(at)hugoboss.comhttp://hugin.info/131370/R/1331680/315185.pdfhttp://hugin.info/131370/R/1331680/315187.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.07.2009 - 10:02 Uhr
Sprache: Deutsch
News-ID 4136
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