Hugo Boss: Q1 results: Sales in line but adjusted EBITDA missed expectations, FY15 targets reiteratedBUY-Top Picks, Fair Value EUR130 (+20%)
This morning Hugo Boss released sales of EUR668m, up 9% reported and 3% FX-neutral in line with CS (EUR668m) and with the Q4 14 trend (+3% FX-n). The slight improvement in retail comps (SSSG of 3% vs. flat in Q4) was not enough to offset the 170bps decrease in the adj. EBITDA margin to 19.7% (CS: 20.6%) caused by the weak organic growth in addition to cost inflation related to the retail expansion and the stronger USD and CHF. Ahead of the conference call scheduled today at 2pm (CET), Hugo Boss already confirms all FY15 targets.
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