Fashion retailer Hugo Boss has posted sales of more than €4bn (£3.4bn) for the first time in its history in a “record” year for the business.
Hugo Boss posted an 18% increase in currency-adjusted group sales to €4.2bn (£3.6bn) for the 2023 financial year, which the retailer credited to both the Boss and Hugo brands being “very well received” by customers and wholesale partners.
Sales of Boss menswear jumped 16% while sales for Boss womenswear soared by 24%. At the Hugo brand, currency-adjusted sales jumped 22%.
EBIT for the full year increased 22% to a total of €410m (£350.4m), which the brand said was driven by a “strong top-line performance”.
During the year, all brands, regions and distribution channels saw double-digit growth and the retailer said it “strives for additional market share gains” this year and beyond.
In terms of outlook, Hugo Boss said it expects sales to rise between 3% and 5% to between €4.3bn (£3.67bn) and €4.45bn (£3.8bn) this year.
EBIT for the year is also anticipated to rise by between 5% and 15% while the EBIT margin is forecast to improve to a level of between 10% and 10.7%.
Hugo Boss chief executive Daniel Grieder said: “2023 was another year of remarkable success Hugo Boss. The second full year of executing the growth strategy was characterised by strong achievements across all business areas and has accelerated the momentum of our two brands Boss and Hugo.
“These successes prove that we have the right strategy in place to unlock the full potential of our brands.”
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