Currency-adjusted group sales saw an increase of 133% in the second quarter as compared to the same period in 2020, while sales remain only 4% below Q2 2019 levels, with all regions, channels and brands contributing. EBIT amounts to €42 million in the second quarter, with strong free cash flow generation of €134 million.
Business recovery was noticeable across all regions. While sales more than doubled in Europe (up 130% currency-adjusted to €385 million) and more than quintupled in the Americas (up 416% currency-adjusted to €123 million), currency adjusted revenues in Asia/Pacific were up by 51% as compared to the prior-year period, totalling €104 million.
From a channel perspective, Hugo Boss more than doubled sales in own retail (124% currency-adjusted to €422 million) as against the prior-year quarter. Consequently, own retail sales remained only 5% below 2019 levels in the three-month period, with the vast majority of own retail stores back in operations towards the end of the quarter.
The company’s own online business also continued its strong double-digit growth trajectory. Sales in this channel recorded currency-adjusted growth of 27% against a particularly strong comparison base, implying triple-digit growth on a two-year stack (up 122%). Sales in wholesale also more than doubled (up 170% currency-adjusted to €189 million) and came in 2% below 2019 levels.
Sales for both brands, Boss and Hugo, more than doubled compared with the second quarter of 2020, with currency-adjusted revenues up 139% and 102%, respectively.
Outlook FY 2021
Despite persisting uncertainties regarding the further development of the pandemic, Hugo Boss is confident its overall business recovery will continue in the second half of 2021. It anticipates currency-adjusted group sales in fiscal year 2021 to increase by between 30% and 35% (2020: €1,946 million), with a contribution expected from all regions. EBIT is forecast to amount to between €125 million and €175 million in fiscal year 2021 (2020: minus €236 million).
