Hugo Boss Reports Strong Same-Store Sales Growth in 4Q, Driven by Asia and U.S.; Shares Expensive
We retain our fair value estimate and narrow moat rating for Hugo Boss as it reported preliminary fourth-quarter and full-year sales results broadly in line with our expectations. Same-store sales acceleration to 7% from 5% in the second quarter and 3% in the first quarter of the year was a positive surprise, mitigated by a higher-than-expected negative currency impact, as sales in Americas and Asia saw increased contribution to the group's revenue. While European sales came in below our expecta...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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