Q1 sales at Hugo Boss fell shy of expectations (EUR643m vs. EUR651m), down 4% reported and 3% FX-neutral. All regions were in negative territory, even Europe (-1%) given the lack of tourists in France and Benelux after the terror attacks. Significant operating deleverage combined with an increase in opex led to a 520bp-drop in adj. EBITDA margin to 14.5% (CS: 15.2%e / BG: 14.9%e). Despite this difficult Q1, Hugo Boss confirmed all FY16 targets. Conference call today at 2:00pm (CET).
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