Hugo Boss Delivers Sales Improvement but Operating Leverage Doesn't Kick In Yet; FVE Maintained
We are maintaining our narrow moat rating and fair value estimate of EUR 62 for Hugo Boss as the company delivered second-quarter sales in line with our estimates, although this was helped by timing shifts in wholesale deliveries. Shares are moderately overvalued.Margins were largely flat year on year as positive operating leverage in Europe was offset by negative currency effects in the U.S. and higher selling, general, and administrative expenses in the Asia-Pacific region. Gross margin was u...
HUGO BOSS Group is engaged in the global apparel market. The Group, which is based in Metzingen Germany employs almost 12,500 people, generated annual sales of EUR 2.4 billion in fiscal year 2013 and is an apparel manufacturer. The Group focuses on developing and marketing high-end women's and men's fashion and accessories. With its brand including the BOSS core brand, the lines BOSS Orange, BOSS Green and the progressive brand HUGO, Co. targets different, consumer groups. The brands consists of modern business wear, evening wear and sportswear, shoes and leather accessories as well as licensed fragrances, eyewear, watches, children's fashion, home textiles and mobile accessories.
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