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Hugo Boss reports China sales slowdown

Hugo Boss on May 2 announced its financial results for the first quarter of the 2024 fiscal year ending March 31: the group’s sales increased by 5% YoY to $1.105 billion (1.014 billion euros), with a 6% growth after adjusting for exchange rates; EBIT increased by 6% to $75.21 million (69 million euros), with an EBIT profit margin rising by 10 basis points to 6.8%. In addition, Hugo Boss also provided an outlook for the full-year performance of the 2024 fiscal year. In the first quarter, sales in the Asia-Pacific region increased by 4 percent after adjusting for exchange rates, with double-digit growth achieved again in Southeast Asia and the Pacific region. However, sales in the Chinese market remained below the level of the same period last year, reflecting overall weak demand in the Chinese market.

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