Hugo Boss: Q1 15 Results preview: Hugo Boss should post results in line with the luxury sector averageBUY-Top Picks, Fair Value EUR130 (+16%)
Hugo Boss will release its Q1 15 results on May 6 before the market opening and will host a conference call at 2pm (CET). We expect sales of EUR669m, up 9% reported and 3% FX-neutral. Whilst this performance implies similar trends as in Q4 14 at the group level (+3%), a slight improvement in Retail is anticipated with SSSG of 1.5% vs. flat in Q4. Naturally the adj. EBITDA margin (-80bps to 20.6%) will be negatively impacted by the weak organic growth in addition to cost inflation related to the retail expansion and the stronger USD and CHF. This FX impact leads us to lower our FY15 EBITDA assumptions by 2%.
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