Hugo Boss'S Second Quarter Sales Plummeted 59% And Online Sales Increased 74%

Compared with the second quarter of last year, Hugo reported a decrease of 245.5 million in sales compared with the same period of last year.

Hugo boss's own retail sales fell 58% because, on average, half of its stores were temporarily closed in the second quarter with covid-19 closed globally. Wholesale revenue was still hit hard, down 64% in the quarter; online sales rose 74% in the quarter, while sales in mainland China resumed double-digit growth in June. Overall, retail brands reported a loss of EUR 124 million (￡ 110 million) in EBIT, and a loss of EUR 250 million (￡ 225.5 million) in second quarter earnings when asset write downs including asset impairment were included.

Sales in mainland China have been recovering gradually since the end of March, hugo boss said, as retailers took action to cut operating costs, reduce purchases and delay unnecessary investment.

It is still too early to predict the growth trend of its business from the second quarter of 2020 to the third quarter of 2020.