The Hugo Boss Group increased turnover by 0.5% to
EUR 538 million on a currency-adjusted basis during the first six
months of the 2003 Financial Year (H1 2002: EUR 535 million).
Taking into account the impact of exchange rates, turnover fell by
5% during the first six months to EUR 508 million.
BOSS Woman continued its positive trend, showing an increase in
turnover of 35% to EUR 22 million following the successful relaunch
(H1 2002: EUR 16 million).
In comparison to the income before tax (+32%), net income
increased at the disproportionately low level of 6% to EUR 37 million.
Amendments to the German Corporation Tax Law and other special
tax effects were responsible for this result.
The continued measures for the optimisation of inventories and
receivables, together with a lower volume of investment resulted in a
rise in free cash flow before dividend payment to EUR 24 million
(H1 2002: EUR 0.5 million).
At the end of the first six months of 2003, the Board's forecast for
the full year 2003 is confirmed. According to this forecast, turnover
should match the currency-adjusted level of last year,
BOSS Woman should reach break-even level during the second half
of the year and income after tax should rise by 10%.
