Hugo Boss Records Strong Business Performance in Q4 – Raised Targets for Full Year 2023 Successfully Achieved

Jan 17, 2024 | Business

METZINGEN – WEBWIRE –

The double-digit top- and bottom-line improvements in the important final quarter are all the more remarkable

Q4 2023

  • Currency-adjusted Group sales grow 13% to EUR 1,177 million
  • All brands, regions, and channels contribute to sales growth in Q4
  • EBIT increases 17% to EUR 121 million on a preliminary basis

Fiscal year 2023

  • Currency-adjusted sales up 18% to a record level of EUR 4,197 million
  • EBIT increases 22% to EUR 410 million on a preliminary basis
  • Final results and FY 2024 outlook to be published on March 7

We ended 2023 on a high note, making it a record year for HUGO BOSS, says Daniel Grieder, Chief Executive Officer of HUGO BOSS. The double-digit top- and bottom-line improvements in the important final quarter are all the more remarkable considering the current challenging global market environment. With our strong brand momentum and the ongoing successful execution of our CLAIM 5 strategy, we have laid a robust foundation for continuing our market-share-winning trajectory and making further progress in becoming one of the top 100 global brands.

HUGO BOSS looks back on a very successful fourth quarter, building on the strong business performance of the first nine months of 2023. In doing so, the Company continued its broad-based growth trajectory across both brands, all regions, and all channels. This performance first and foremost reflects the ongoing strong brand momentum of BOSS and HUGO, fueled by the successful execution of several marketing, product, and distribution initiatives as part of the Companys CLAIM 5 growth strategy. On a preliminary basis, currency-adjusted revenues in the fourth quarter grew by 13% compared to the prior-year period. In reporting currency, sales increased by 10% year over year to EUR 1,177 million (Q4 2022: EUR 1,068 million), making the final quarter of 2023 the most successful one in HUGO BOSS history from a top-line perspective.

Brand momentum drives double-digit improvements at BOSS and HUGO
In the fourth quarter, brand momentum was fueled by several brand initiatives implemented over the course of 2023, including the successful launch of the Fall/Winter 2023 collections. Building on the enhanced relevance of BOSS and HUGO, both brands continued their double-digit growth trajectories, thus further expanding market shares worldwide. In the three-month period, currency-adjusted sales for BOSS Menswear were up 13% year over year, while revenues for BOSS Womenswear and for HUGO expanded by 14% each.

Robust growth across all regions with particular strength in the Americas
From a geographical perspective, all regions contributed to revenue growth in the final quarter of 2023. Currency-adjusted revenues in EMEA came in 7% above the prior-year level against a particularly strong comparison base, reflecting solid sales increases in key markets such as Germany and France as well as double-digit improvements in emerging markets. In the Americas, HUGO BOSS maintained its stellar momentum from previous quarters. Consequently, sales increased 18% currency-adjusted in the three-month period, supported by ongoing double-digit growth in the important U.S. market. Revenues in Asia/Pacific increased by 33% currency-adjusted, reflecting strong double-digit sales improvements in both China and South East Asia & Pacific.

Momentum in brick-and-mortar retail and digital business continues
The Groups digital business successfully continued its double-digit growth trajectory from previous quarters, with currency-adjusted revenue growth of 26%. This performance was driven by double-digit sales increases across all digital touchpoints, including the Groups digital flagship hugoboss.com and digital revenues generated with partners. Also in brick-and-mortar retail, momentum continued in the final quarter. Currency-adjusted revenues were up 12% compared to the prior year, driven by both store productivity improvements as well as additional selling space. In brick-and-mortar wholesale, currency-adjusted revenues were up 5% year over year, with all three regions contributing to growth. Sales in the license business increased by 15%, led by double-digit growth in the important fragrance business.

2023 marks record year for HUGO BOSS
In light of the robust performance during the fourth quarter, HUGO BOSS achieved its full-year 2023 sales and earnings targets, which had been revised upwards twice during the year. On a preliminary, non-audited basis, HUGO BOSS achieved record sales of EUR 4,197 million in fiscal year 2023, reflecting robust growth of 15% in reporting currency (2022: EUR 3,651 million). Sales thus came in at the upper end of the Companys most recent guidance range (guidance: increase between 12% and 15% to EUR 4.1 billion to EUR 4.2 billion). On a currency-adjusted basis, this translates into an increase of 18%. This performance was driven by the rigorous execution of the Companys CLAIM 5 strategy, thus enabling HUGO BOSS to once more strongly outgrow the global premium apparel market. In doing so, the Company gained further market shares and exceeded its initial 2025 sales target of EUR 4 billion two years ahead of plan.

At the same time, HUGO BOSS recorded strong bottom-line improvements in fiscal year 2023, with the robust top-line performance more than compensating for further investments into the business as part of CLAIM 5. Subject to the completion of year-end closing procedures, the Group expects the operating profit (EBIT) to increase by 22% to an amount of EUR 410 million for full year 2023 (2022: EUR 335 million), thus fully in line with the Companys most recent guidance range (guidance: increase between 20% and 25% to EUR 400 million to EUR 420 million). The fourth quarter is anticipated to contribute an EBIT of EUR 121 million, up 17% year over year (2022: EUR 104 million). As a result, the EBIT margin for full year 2023 is expected to increase to a level of 9.8% (2022: 9.2%).

Fiscal year 2023 thus marked another important milestone for HUGO BOSS towards achieving its 2025 financial ambition, which the Company raised in mid-2023. By 2025, HUGO BOSS aims at generating revenues of EUR 5 billion and an EBIT of at least EUR 600 million, representing an EBIT margin of at least 12%.

HUGO BOSS will publish its final results for 2023 and its financial outlook for the fiscal year 2024 on March 7, 2024.

IDI Consulting Supports Women Mentorship Through Strong Women Strong Girls Awards

Aug 8, 2023 | Business

 IDI Consulting, a leading provider of IT consulting services for businesses, is proud to share a commitment to empowering generations of women by sponsoring the 2023 Strong Women Strong Girls Pittsburgh Strong Awards. The 9th annual Strong Awards breakfast will be held in Downtown Pittsburgh on Friday, August 11. This year’s Strong Award winners include three exceptional women and girls and a company/organization advocate.

“The impact mentorship has on raising aspirations and self-esteem through Strong Women Strong Girls programs is truly remarkable,” said William Thomas, Managing Partner at IDI Consulting. “IDI Consulting is proud to join in celebrating these women’s accomplishments and their impact within the community. As a representative of the technology space, we encourage and continue to do our part to help provide young women opportunities to excel and become leaders in our industry.”

Strong Women Strong Girls aims to empower women and girls to imagine a broader future and to realize their inner strengths to dream and do. Three generations of women come together through Strong Women Strong Girls to build community, connections, and strength to break down barriers. Girls in grades 3-5, primarily from under-resourced neighborhoods, attend weekly mentoring sessions with college women mentors, who themselves build relationships with professional women mentors, to create a sustainable future for the next generation of female leaders.

Tickets for the 2023 Strong Awards Breakfast held at the Westin Hotel, from 8:00am till 10:00am on August 11 can be purchased at swsg.org/pgh-strong-awards-23.

As a team of business-minded individuals, IDI Consulting solves business problems through the practical application of the most appropriate technology, focusing on clients’ real-world business objectives. Learn more about available positions and joining the IDI Consulting team at www.idi-net.com/careers-at-idi.

About IDI Consulting
Located in Pittsburgh, PA, New York City, NY, and Houston, TX, IDI Consulting is dedicated to solving business problems using strategic and technological methods. Services include Project Management, Business Process Re-engineering, Major ERP Installation, Custom Application Development, Programming and Installation, Application and System Design, Database Analysis and Design, Systems Analysis and Design as well as Software Analysis and IT Consulting. Visit IDI-Net.com for more information.

IDI Consulting
William Thomas
412-829-3010
https://www.idi-net.com/

ContactContact

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  • Awards
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  • Women in Business

TTI Delivers Strong 2022 First Half Results

Aug 11, 2022 | Business

Global leader in cordless Professional Tools, DIY Tools, and Outdoor Power Equipment, Techtronic Industries Co. Ltd. (“TTI” or the “Group”) (stock code: 669, ADR symbol: TTNDY) is pleased to announce its results for the six months ended June 30, 2022.

The Group delivered strong results for the first half of 2022, outpacing the market and growing sales by 10.0% to US$7.0 billion. In local currency, sales grew 12.1%. Combined with the 2021 first half sales growth of 52%, TTI has increased sales by 67% over this two-year period. Gross margin improved for the 14th consecutive first half expanding 50 bps to 39.1%. EBIT increased 10.7% to US$633 million, net profit rose 10.4% to US$578 million, and earnings per share increased 10.4% to approximately US31.59 cents per share.

— Our flagship MILWAUKEE business significantly outgrew the market, delivering 25.8% sales growth
— Gross margin improved for the 14th consecutive first half to 39.1%
— Net profit growth of 10.4% to US$578 million

Financial Performance Highlights for 1H 2022
2022* 2021
US$’ US$’
million million Change
Revenue 7,034 6,394 +10.0%
Gross profit margin 39.1% 38.6% +50 bps
EBIT 633 572 +10.7%
Profit attributable to Owners of the Company 578 524 +10.4%
Basic earnings per share (US cents) 31.59 28.62 +10.4%
Interim dividend per share (approx. US cents) 12.23 10.94 +11.8%
*For the six-month period ended June 30, 2022

The Group is delighted that all of its geographic regions delivered solid sales growth in the first half. Rest of World featuring Australia and Asia delivered outstanding 23.0% growth in local currency. Europe grew 14.1% in local currency and North America grew 10.5% in local currency.

TTI’s Power Equipment business delivered a very strong first half, while Floorcare contracted due to slowing demand and customer destocking. Now the global leader in professional cordless, TTI’s flagship MILWAUKEE business continued to flourish with 25.8% local currency sales growth in the first half. This business now accounts for a major part of the company sales with an accretive gross margin.

Mr. Horst Pudwill, Chairman of TTI, said, “Our world-class team is well prepared to manage the business through challenging macroeconomic environments and continue to deliver above market results. We are well positioned to strengthen our leadership position in the months and years to come.”

Mr. Joseph Galli, CEO of TTI, commented, “Our outstanding first half performance is the result of our ongoing new product flow and our market leadership position. We will continue to execute our proven strategy of investing in demonstrably better, technologically advanced new products to drive our growth.”

About TTI
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products for the consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence – reflecting a long-term expansive vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries. TTI’s powerful brand portfolio includes MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL floorcare cleaning products and solutions.

TTI is one of the constituent stocks of the Hang Seng Index, FTSE RAFI(TM) All-World 3000 Index, FTSE4Good Developed Index and MSCI ACWI Index. For more information, please visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.

For enquiries:
Techtronic Industries Co. Ltd.
Main Contact
TTI Investor Relations
Tel: +1 (954) 541 9660
Email: ir@ttihq.com

Asia/Pacific
TTI Investor Relations
Tel: +(852) 2402 6888
Email: ir@tti.com.hk






Topic: Press release summary

GOME achieved strong earnings growth with business scale and quality upgrade in 2021

Mar 31, 2022 | Business

GOME Retail Holdings Limited (HKEX stock code: 493) announced today its audited annual results for the twelve months ended 31 December 2021.

Closely following national policies to promote the strategic transformation of business and comprehensively implement the second phase of the “Home . Living” strategy

In early 2021, GOME officially launched the second phase of its “Home . Living” strategy, strengthened entertainment and social interaction, with six platforms complementing each other to create a closed-loop omni-retail ecosystem. In October 2021, GOME completed the construction of infrastructure for omni-retail ecological sharing platform covering “omni-scenario, omni-chain, omni-service and omni-mode”, thereby starting a new development phase at full speed. Relying on the establishment of six major platforms and other infrastructures, GOME has developed a strategic path and layout from a single electrical appliance chain to full-category operation covering the “Home . Living” sector, built a digital and physical economy platform that integrates online and offline operations, and become a model enterprise for promoting the transformation and upgrading to a digital economy in China. To carry out in-depth development in the “Home . Living” sector, GOME established three major core capabilities and competitive barriers. Firstly, it has initially built a grid-based and digital economic entity with nationwide coverage which is constantly expanding and booming. Secondly, it has created an integrated model of scenario-based and household-based consumption, and transformed traditional consumers into consumption-oriented merchants through new models such as entertainment marketing, sharing and joint development, thereby building a closed-loop omni-retail ecosystem. Thirdly, the scope of services has been fully extended to the home scenario, forming an integrated service platform with both online and offline operations as well as supply chain capabilities, integration capabilities and service capabilities.

Against the backdrop of creating a new development dynamic of “Dual Circulation”, the national economy has transformed into high-quality development. On one hand, policies will be introduced to revitalize the supply side, emphasize technological innovation and promote industrial upgrading; on the other hand, policies also need to be introduced to promote the upgrade of consumption to match the industrial upgrade. The recovery of consumption will become the main driving force to support long-term economic growth in the future, and is also the foundation for the country to achieve long-term stable growth. GOME closely followed the national strategy and policy direction, actively promoted and realized the successful transformation of its strategy, and achieved leap-forward development of its business. During the Reporting Period, GOME’s sales revenue was approximately RMB46,484 million, increased by 5.4% year on year (“yoy”). The consolidated gross profit margin was approximately 14.4%, increased by 2.2 percentage points yoy. During the Reporting Period, positive annual inflow has been recorded. The loss attributable to owners of the parent during the Reporting Period was approximately RMB 4,400 million, decreased by 37.1 % yoy.

During the Reporting Period, GOME’s gross merchandise volume (“GMV”) grew by 30.4% yoy to approximately RMB14,687 million. Relying on the entertainment and social “FUN” App, the main trading platform was formed and recorded an annual visits of 440 million, representing an increase of 196% yoy. The number of annual active buyers was 16.84 million, representing an increase of 433% yoy while the number of full category SKUs reached 2 million, of which home appliances SKUs were over 0.1 million. The number of merchants on platform reached 6,081, representing an increase of 728% yoy. Together with the number of members grew by 19% yoy to 250 million, all is showing a good development trend in both the number of consumers and the ecosystem of business partners.

In 2021, GOME continued to stick to its vision of “Better home and lifestyle through GOME” and pursued the mission to meet Chinese family’ demand for beautiful life in new era. It focused on the retail industry and household service industry, made every effort to build an “omni-retail ecological sharing platform” integrated with “online, offline, supply chain, logistics, big data/cloud, sharing and joint development”, and fully implemented the second phase of the “Home . Living” strategy, which laid a foundation and opened a new prospect for GOME to comprehensively upgrade and achieve high quality development. Leveraging on its extensive retail gene, considering the economic and social functions of retail, and with the mission to promote the retail industry to reduce costs, improve efficiency and increase value, GOME is now rapidly developing into an “integrated & centralized”, “interconnected” and “sharing and jointly developed” omni-retail ecological sharing platform. Currently, the core model and key modules of omni-retail have been constructed, which will increasingly strengthen the synergy effects and achieve more results.

Services extended from stores while online and offline are interacted
GOME developed an omni-scenario new retail ecology with the integration of online and offline platforms, in which online and offline platforms have their own emphases and are interconnected. Under the omni-retail model, GOME achieved the true O2O integration development through comprehensively activating urban physical commerce, which is an advanced retail solution for the integration of the digital economy and the physical economy and makes GOME to become a standard-setter for offline platforms.

Through precise positioning and one year of promotion, GOME’s existing stores have been gradually upgraded from home appliance stores to new types of stores for display and experience. The offline platform – “GOME Home” has been transformed into a platform covering core functions such as display and experience, home extension, home entertainment and home living services, highlighting the core value of people, product and place. GOME focused on taking advantages of its professional stores to display high-quality products and highlight local lifestyle services, and made a grid-based national layout to continuously optimize the standard for “genuine products provided by selected merchants” and accumulate quality users. In addition, GOME outlets of new model (including “GOME Home”) has 35 contracted projects and 70 projects to be contracted, with a management area of approximately 1 million square meters. Among which, the number of the signed new model stores accounted for 95% of the total. GOME Home’s benchmark showrooms will also be completed for construction and operated in 2022.

The online platform – “FUN” APP focused on the advantages of displays of full range of products and full service response, and drove online and offline sales through rapid growth in visitor traffic and live streaming with brands, creating a new chapter for the retail industry. During the Reporting Period, the average monthly active users (MAU) of the “FUN” APP reached approximately 42.44 million, with conversion rate of 3.8%, representing an increase of 1.7 percentage points yoy. With the continuous deepening integration and interconnection of the six platforms managed by GOME, it is expected that the “FUN” platform will achieve significant development in 2022. Leverage over 5,000 selected stores and over 100,000 genuine products are expected to be newly added, coupled with the online video shopping guide model realized a 40% conversion rate, the significant growth of omni channel GMV is expected to achieve in 2022, these should enable GOME to comprehensively expand in the new retail era.

Creating a super supply chain for “household consumption” covering all categories based on the “Home . Living” strategy and the characteristics of household consumption

As a Company with deep rooted retail gene, GOME has been deeply involved in the supply chain for many years. The supply chain of GOME has been upgraded from electrical appliances to all categories, with the aim of creating a super supply chain for “household consumption” based on the “Home . Living” strategy and the characteristics of household consumption. Through linkage optimisation, improving product competitiveness and strengthening supply price management, as of February, the GOME retail platform has accumulated nearly 2 million SKUs and attracted over 2,000 KOL/KOC, 4,200 manufacturers and 6,000 channel traders. The supply chain covers categories such as home appliances, food and wine, apparel, shoes and bags, home renovation, daily necessities, maternity and baby products, beauty and personal care, etc. By offering a wide range of products, GOME can better meet the needs of household users.

Self-developed warehousing and distribution logistics boost warehousing network expansion to achieve comprehensive logistics solutions

GOME’s logistics platform is a third-party logistics solution platform, committed to providing the society with professional logistics of full range of products, as well as providing quality services for the entire society, maintaining a dominant position in the field of home delivery of bulky and medium-sized products in urban areas. Currently, GOME’s self-developed logistics system, Anxun Logistics, realizes the logistics of goods covering small, medium and large-sized items and improve operational efficiency through platform standardization and agglomeration effects, while the third-party logistics business accounted for more than 48% in terms of volume. With logistics services open to the public, a new revenue growth driver is expected to be created. GOME has built a platform for the integration and collaboration of information flow, logistics and capital flow in the upstream and downstream of the supply chain to bridge the gap between the supply and sales. In the future, GOME will work together with industry partners to jointly promote the continuous optimization of the supply chain. Through deepening the distribution network, expanding logistics products and platforms horizontally, and extending the upstream services of the industry chain vertically, together with relying on the existing outlet distribution system, it can improve the network layout of express transportation and cold chain, build an open and shared platform of order taking, cloud-based warehouse and online delivery platform, and provide comprehensive supply chain logistics solutions based on the knowledge of business flow and warehouse transportation and distribution capabilities to contribute to the high-quality development of the entire retail industry.

The model of the digitalized physical economy jointly builds and shares data resources to lead strategic partners to achieve win-win cooperation and mutual development

The favorable hardware resources and the optimization of software make the contribution to GOME’s current leadership position in the retail industry. GOME pioneered to propose the innovative model of sharing and joint development and has completed the construction of the supply chain platform and the traffic platform to integrate online data resources. During the Reporting Period, the sharing and joint development platform has integrated and fully opened GOME’s own and its partners’ resources and capabilities, such as scenario/traffic + supply chain + promotion + operation by third party. By opening and sharing its professional retail resources to external partners online, including membership interconnection, data sharing and bonus points exchange, GOME will share and jointly build infrastructure, system resources and supporting services with manufacturers, promoters, agent operators and other parties. Through the open-up and the integration of the resources and capabilities of various partners, GOME helps the enterprises to achieve a long-term balance between its commercial interests and social benefits, while enabling GOME to become a platform for the aggregation of socialized omni-retail resources and the distribution and sharing of all-area digital intelligence to further expand its transaction scale. These advancements have contributed to the overall increase in GOME’s scale. In the future, the six platforms will continue to optimize and upgrade, empowering GOME, users and merchants to achieve win-win cooperation and mutual development.

GOME’s management concluded, “Against the backdrop of technology-driven and consumption upgrade, GOME has seized the momentum to formally put forward its ‘omni-retail ecological sharing platform’ strategy. Looking ahead, GOME will continue to adhere to the new development concept of omni-retail ecology, solve the pain points and difficulties of the traditional retail industry, adopt an open attitude to embrace ecological partners, use entertainment and social platforms to attract consumers, and continue to optimize the standard of “genuine products provided by selected merchants” by serving the public with professional store displays. With users as the core and service as the goal, GOME will open up the whole chain, integrate omni-scenario and construct omni-model to create a new chapter for the retail industry. This year, we will continue to uphold the Group’s mission of ‘enhancing efficiency with technology and creating better living with wisdom’ and the open sharing concept of ‘integration, coexistence, interaction and mutual complementarity’, return the trust and support of all parties with practical achievements and bring you a new GOME that is even better and more valuable.”

About GOME Retail Holdings Limited

Founded in China in 1987, GOME Retail Holdings Limited has been listed on the Hong Kong Stock Exchange since July 2004 (stock code: 493) and is a leading technology driven, experience-based, entertainment-oriented and socialized “Home . Living” technology retail service provider. Under the guidance of the second phase of its “Home . Living” strategy, GOME promotes online and offline integration with Internet technology, supports existing business growth with a strong supply chain, introduces new business with new scenarios, develops a post-service market with Internet of Things technology, drives the refined operation of stores with big data, enhances market competitiveness through network optimization, and raises the retail competitive barrier with strong service capability, and makes all-round efforts to transform from an appliance retailer to a provider of comprehensive home living solutions. GOME will continue to make use of technology and wisdom to create “authenticity”, “speed” and “joy”, and establish one of the most popular platform for enjoyable selling and buying with sharing.

Please visit our website for more information: www.gome.com.hk






Topic: Press release summary

Sectors: Retail & eCommerce


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BYD starts strong in 2022 with sales of 92,926 New Energy Vehicles

Feb 5, 2022 | Business

SHENZHEN, CHINA – WEBWIRE –



BYD announced New Energy Vehicles (NEV) sales totaled 92,926, soaring 367.6% of sales in January 2021. Overall, BYD sold 95,180 passenger cars in January, up 126.1% year-over-year.


The strong sales start for 2022 comes after annual sales of nearly 600,000 vehicles in 2021.


BYD sold 46,386 pure electric vehicles in January, up 220.7% year-over-year. Meanwhile, BYD Dual Mode models sold 46,540 units, rocketing 760.6% year-over-year, thanks to its advanced DM-i super hybrid technology.


The flagship BYD Han model, a mid to large sedan, sold 12,780 units in January, marking the fifth consecutive month with a sales volume exceeding 10,000 units. Along with the Han, the Tang SUV achieved a sales volume of 9,060 units, revealing superb product power.


Addition to that, EA1 (code name), the very first production model built upon the e-platform 3.0, hit a monthly sales record at 10,602 units.


In addition to the strong sales start to 2022, Brand Finance, the world’s leading brand valuation consultancy, listed BYD at the top of its 2022 Global 500 report.


ABOUT BYD


The Official Sponsor of Mother Nature™, BYD, the world’s leading electric vehicle company, is dedicated to creating a “total solution.”  Globally, BYD has committed to corporate social responsibility, deeply monitoring our supply chain in terms of human rights, environmental safety, hazardous substance control and intellectual property rights. We only select suppliers who share our commitment to just labor practices, human rights standards and the environment. For more information, please visit https://byd.com/ or follow BYD on LinkedIn, Twitter, Facebook and YouTube.