HUGO BOSS in the first three quarters of 2009
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Press ReleaseHUGO BOSS holds its ground in difficult market environment§ Despite sales declines, market position defended andearnings maintained at a high level§ Significant rise in cash flow through early adoption ofstructural and efficiency measures§ Debt reduced by 26%§ Persistence in strategic realignmentMetzingen (Germany), November 2, 2009. HUGO BOSS AG today publishedits report on the first nine months of fiscal year 2009.In the course of the year the global recession led to declining salesin the apparel industry, which were in some cases quite substantial.Against this background, HUGO BOSS AG has held its ground well so farthis year. At EUR 1,238 million, Group sales were 9% below theprevious year's level (Q1-Q3 2008: EUR 1,364 million). The operatingprofit margin was nevertheless maintained at previous year's level(18%).The strategy of focusing more on the Group's own retail operationsgoing forward is having a positive impact. The Group's own retailbusiness generated a positive contribution to sales after ninemonths, while sales to wholesale customers fell. This was due toextreme uncertainty about the general economic situation and outlook.Stable sales performance in growth regions Americas and Asia/PacificRegionally, HUGO BOSS posted lower sales in Europe while there was aslight increase in the Americas. Sales in Asia marginally held theirground.In the European market, sales fell by 13% to EUR 852 million in thefirst nine months of 2009 (Q1-Q3 2008: EUR 980 million). The downturnwas primarily due to the continued economic challenges in EasternEurope and Spain.On the American continent, sales of EUR 233 million at the end of Q3were 2% above the previous year's level (Q1-Q3 2008: EUR 228million). Sales declines in North America contrasted with large 32%increases in the growth regions of Central and South America in localcurrencies.In the Asia/Pacific region HUGO BOSS generated sales revenue of EUR122 million by the end of Q3 2009. This figure was only slightlybelow that of the comparable period in the previous year (Q1-Q3 2008:EUR 124 million). The Group's own retail operations in China recordeda positive performance. Sales more than tripled compared to theprevious year.Successfully launching new products helped maintain license revenuesat the previous year's level of EUR 31 million (Q1-Q3 2008: EUR 32million).Structural measures adopted at an early stage are making an impactOperating earnings (EBITDA before special items) of EUR 224 million(Q1-Q3 2008: EUR 257 million) (18% of sales) reflect successfulimplementation of the structural and efficiency measures that hadbeen adopted at an early stage. In qualitative terms, this profitmargin is above the value for the previous year and has improved 3percentage points compared to the first half of 2009.Consolidated net income as at the end of September 2009 is EUR 99million (Q1-Q3 2008: EUR 128 million), with special items of EUR 30million arising from the structural and efficiency measures.High level of cash flow will be used to reduce debtThe successful implementation of measures aimed at improving earningsis reflected particularly in the cash flow from operating activities,which went up by EUR 163 million to EUR 229 million compared to thecorresponding period in the previous year. Besides the initiatives tooptimize costs, the 34% reduction in net working capital has had apositive impact. As a result, net debt has been reduced by 26% to EUR459 million since September 2008.Over the whole of 2009, HUGO BOSS is expecting a percentage declinein sales equal to the first nine months. The operating profit margin(EBITDA before special items, in relation to sales) is expected to beat the previous year's level.Persistence in strategic realignmentHUGO BOSS will continue on the path of strategic realignment andpersist in optimizing structures and processes. These measures formthe basis for the growth curve targeted for 2010 and beyond."We want to use greater differentiation in our brand portfolio to tapinto further sales potential and thus strengthen our competitiveadvantage," commented Claus-Dietrich Lahrs, Chairman and CEO of theManaging Board ofHUGO BOSS AG, on publication of the interim financial report forJanuary to September for the current fiscal year.The detailed report on the first nine months as well as furtherinformation concerning HUGO BOSS AG can be found by visitinghttp://group.hugoboss.com.If you have any questions, please contact: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/1351848/326864.pdfhttp://hugin.info/131370/R/1351848/326865.pdf --- End of Message ---HUGO BOSS AGDieselstraÿe 12 Metzingen GermanyWKN: 524550; ISIN: DE0005245500 ; Listed: Xetra Stars in Frankfurter Wertpapierbörse;
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Datum: 02.11.2009 - 10:19 Uhr
Sprache: Deutsch
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