Q1 2026 developments
- Group sales decline 6% to EUR 905 million (Q1 2025: EUR 999 million), reflecting the deliberate brand and channel realignment under CLAIM 5 TOUCHDOWN
- Q1 performance of BOSS (–3%) and HUGO (–21%) affected by targeted actions to strengthen long-term brand equity
- Sales performance in EMEA (–8%) and the Americas (–5%) is shaped by execution of strategic measures; Asia/Pacific returns to growth (+1%)
- Performance in retail (–3%) and wholesale (–10%) reflects continued focus on distribution excellence, including more selective assortments and partner network optimization
- Gross margin improves by 110 basis points to 62.5%, mainly driven by sourcing efficiencies
- Operating expenses decrease by 4%, reflecting lower selling and marketing expenses
- EBIT amounts to EUR 35 million, resulting in an EBIT margin of 3.9% (Q1 2025: EUR 61 mil-lion; 6.1%); earnings per share total EUR 0.24 (Q1 2025: EUR 0.51)
- Free cash flow before leases notably increases to EUR 33 million (Q1 2025: minus EUR 66 million), supported by a reduction in inventory levels (–13% year over year)
Outlook 2026
- 2026 marks deliberate realignment and refocus under CLAIM 5 TOUCHDOWN, further elevating BOSS and HUGO and laying the foundation for sustainable, profitable growth
- Strategic focus on brand, distribution, and operational excellence to further strengthen the quality of the business
- Macroeconomic and geopolitical environment to remain volatile, with recent developments in the Middle East adding further uncertainty
- Full-year 2026 outlook reaffirmed: currency-adjusted Group sales to decline mid- to high-single digits; EBIT to range between EUR 300 million and EUR 350 million
Daniel Grieder, Chief Executive Officer of HUGO BOSS: “Following our successful finish to 2025, we entered the year with a clear roadmap. However, the market environment has become more challenging over the course of the first quarter, caused by recent developments in the Middle East. Against this backdrop, we focused on what lies within our control and moved decisively into the execution phase of CLAIM 5 TOUCHDOWN. We made tangible progress in implementing our targeted brand and channel realignment, including streamlining product assortments and refining our global distribution footprint. As expected, these deliberate actions are reflected in our top-line performance and mark the first concrete steps in structurally refocusing the business and strengthening long-term earnings quality.
At the same time, we continued to invest in brand equity and relevance, including key high-lights such as the BOSS Fashion Show in Milan and the launch of our Spring/Summer 2026 collections, which resonated strongly with consumers. In parallel, we successfully leveraged sourcing efficiencies and pricing discipline to deliver a meaningful improvement in gross margin, and maintained cost discipline across the organization.
In light of our first-quarter performance, we reaffirm our full-year outlook for 2026. Against an increasingly challenging external backdrop, we remain firmly focused on executing our strategy, actively managing the business with flexibility and discipline. Our clear direction under CLAIM 5 TOUCHDOWN, combined with our strong focus on profitability and cash generation, underlines our confidence in creating long-term value for our shareholders.”
1All revenue-related growth rates are on a currency-adjusted basis.
If you have any questions, please contact:
Media Relations
Carolin Westermann
Senior Vice President Corporate Communications
Phone: +49 7123 94-86321
E-mail: carolin_westermann(at)hugoboss.com
Investor Relations
Christian Stöhr
Senior Vice President Investor Relations
Phone: +49 7123 94-87563
E-mail: christian_stoehr(at)hugoboss.com
GROUP.HUGOBOSS.COM
LINKEDIN: HUGO BOSS
YOUTUBE: @HUGOBOSSCorporate
