Hugo Boss FY19 Profit Down, Lifts Dividend


German luxury fashion brand Hugo Boss AG (HUGSF.PK) reported Thursday that its fiscal 2019 net profit attributable to equity holders of the parent company declined to 205.11 million euros from last year's 236.15 million euros.


Earnings per share were 2.97 euros, down from 3.42 euros last year.


Consolidated net income excluding the impact of IFRS 16 was 212 million euros, down 10 percent.


Operating result or EBIT fell to 344.50 million euros from last year's 346.81 million euros. The company said the weak earnings mainly reflected lower than expected sales growth, increased markdown activity - particularly in North America, and additional investments in retail business.


Group sales increased to 2.88 billion euros from 2.80 billion euros last year.


Further, the company proposed dividend of 2.75 per share for the year, up 2 percent from last year.


Looking ahead, Chief Executive Officer Mark Langer said, "I am very confident that, together, we will achieve our targets for 2020 and beyond."

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