Hugo Boss下调2026年全年展望：三季度销售降5%、全年营业利润预期降至2.5亿至3亿欧元
德国时尚集团 Hugo Boss 11月3日发布三季度业绩与更新后的全年展望。受消费需求疲软与战略调整影响，集团第三季度经汇率调整销售下降5%，按集团货币计营收下降4%至9.46亿欧元（去年同期9.89亿欧元）。公司同时下调2026年全年展望：预计全年经汇率调整销售将出现高个位数百分比下滑，营业利润（EBIT）为2.5亿至3亿欧元。
盈利方面，三季度毛利率同比提升220个基点至63.3%，主要来自采购效率提升与定价优化；营业利润下降15%至8100万欧元，营业利润率8.6%（去年同期9.6%）；净利润4900万欧元，每股收益0.70欧元。公司表示，全年展望下调除第四季度需求假设转弱外，还反映超级智能（SI）等技术快速演进背景下，IT与软件资产使用年限缩短带来的非现金折旧与摊销上升；全年资本开支预计为集团销售的4%至5%，其中包括收购一处此前租赁的物流物业。
分品牌看，BOSS 三季度经汇率调整营收下降3%，男装相对稳健，女装仍在重新定位；HUGO 下降17%。分地区看，欧洲、中东和非洲下降7%，美洲下降3%，亚太下降2%，其中中国和东南亚销售下滑。前九个月，公司净关闭27家门店；会员计划 HUGO BOSS XP 会员数增至1500万，同比增长15%。
现金流方面，三季度租赁前自由现金流增至1.55亿欧元（去年同期6600万欧元），库存同比下降14%。首席执行官 Daniel Grieder 表示，三季度业绩既反映公司主动的战略调整，也反映持续低迷的消费环境；公司将全年展望调整为对市场环境更现实的评估，战略方向保持不变。
公司还披露，英国零售集团 Frasers Group 于10月23日通知称，其已越过 Hugo Boss 总股本50%的门槛，当日直接持有50.08%表决权，另有21.87%通过金融工具持有；按10月27日最近一次表决权通知，Frasers 直接持有49.41%表决权。Frasers 表示，Hugo Boss 的财务将并入其报表，成为其子公司；Hugo Boss 称正在审查相关第三方协议中的控制权变更条款。
（来源：Hugo Boss集团）
HUGO BOSS Lowers 2026 Outlook as Q3 Sales Fall 5%; Full-Year EBIT Now Seen at EUR 250-300 Million
German fashion group HUGO BOSS released its third-quarter results and an updated full-year outlook on November 3. Currency-adjusted Group sales declined 5% in the third quarter amid ongoing strategic realignment and macroeconomic headwinds, while revenues in Group currency fell 4% to EUR 946 million (Q3 2025: EUR 989 million). The company now expects currency-adjusted Group sales to decline in the high single-digit percentage range in 2026, with EBIT of EUR 250 million to EUR 300 million.
Gross margin improved strongly by 220 basis points to 63.3%, driven by sourcing efficiencies and optimized pricing. EBIT declined 15% to EUR 81 million, an EBIT margin of 8.6% (Q3 2025: 9.6%), while net income amounted to EUR 49 million and earnings per share to EUR 0.70. The company said the updated outlook also reflects higher non-cash depreciation and amortization as the useful lives of selected IT and software assets are shortened in light of rapidly evolving technology, including super intelligence (SI). Capital expenditure is now anticipated at 4% to 5% of Group sales, including the strategic acquisition of a previously leased logistics property.
By brand, currency-adjusted revenues for BOSS declined 3%, with menswear comparatively resilient and womenswear still affected by its repositioning, while HUGO revenues fell 17%. By segment, EMEA declined 7%, the Americas 3%, and Asia/Pacific 2%, with lower sales in both China and Southeast Asia & Pacific. The company recorded a net closure of 27 stores in the first nine months, and its HUGO BOSS XP member base grew 15% year over year to 15 million.
Free cash flow before leases rose to EUR 155 million in the quarter (Q3 2025: EUR 66 million), supported by a 14% year-over-year reduction in inventories. Chief Executive Officer Daniel Grieder said third-quarter performance reflected both the deliberate strategic realignment and a persistently subdued consumer environment, and that the company was adjusting its full-year outlook to a more realistic assessment while keeping its strategic direction unchanged.
The company also disclosed that on October 23, 2026, Frasers Group plc notified it that Frasers had crossed the threshold of 50% of the total share capital of HUGO BOSS AG, directly holding 50.08% of the voting rights at that date, with a further 21.87% held through instruments. As of October 27, based on the most recent notification, Frasers directly held 49.41%. Frasers has said HUGO BOSS is expected to be consolidated into its results and become a Frasers subsidiary; HUGO BOSS said it is reviewing change-of-control clauses in certain third-party agreements.
(Source: HUGO BOSS Group)
来源：Hugo Boss集团
发布：GSM·美国（发布链接）
图片来源：图：Hugo Boss 位于德国梅青根的总部园区。Giftzwerg 88 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Photo: The HUGO BOSS headquarters campus in Metzingen, Germany. By Giftzwerg 88, CC BY-SA 3.0, via Wikimedia Commons.
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