Q2 2024 Hugo Boss AG Earnings Call Transcript
Key Points
- Hugo Boss AG (BOSSY) managed to limit the sales decline to 1% in Q2, outperforming the broader industry.
- The CLAIM 5 strategy has driven significant growth, achieving the initial sales target of EUR4 billion last year.
- The company has successfully increased its gross margin by 50 basis points in Q2 and 30 basis points in H1, reaching 62.1%.
- Hugo Boss AG (BOSSY) has seen a 30% year-over-year growth in its global member base, reaching almost 10 million registered customers.
- The company has reduced inventories by 7% year-over-year, highlighting effective inventory management.
- EBIT decreased by 42% to EUR70 million in Q2, impacted by higher operating expenses.
- Sales in the EMEA region decreased by 2% in Q2, with weak retail traffic in the UK and a slowdown in Continental Europe.
- The Asia Pacific region saw a 4% sales decline in Q2, primarily due to decreased sales in China.
- Digital business sales were down 4% in Q2, despite a 3% growth in the digital flagship hugoboss.com.
- The company has taken a conservative view on consumer sentiment for the remainder of the year, expecting only a 1% to 4% increase in Group sales for 2024.
Good morning, ladies and gentlemen. Welcome to our second quarter 2024 financial results presentation. Hosting our conference call today is Yves Mueller, CFO and COO of HUGO BOSS.
Now before I hand over to Yves, and I'd like to remind you that all revenue related growth rates will be discussed on a currency adjusted basis unless otherwise specified. Also and just like in the past, I would like to ask you to limit your questions during the Q&A session to a maximum of two.
And with that, let's get started and over to you Yves.
Thank you, Christian, and a warm welcome for Metzingen, ladies and gentlemen. We are delighted that you are taking part in our conference call today. Over the next 30 minutes, I will present a detailed overview of our second quarter and half year performance, focusing on the most recent operational and
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