Hugo Boss Exceeds 2021 Sales Target After Strong Q4

Hugo Boss said on Tuesday that it had exceeded its full year sales targets after fourth quarter earnings helped propel the German fashion house back to nearly pre-pandemic levels.

The company said revenue rose 43 percent in 2021 to €2.786 billion ($3.17 billion), on a preliminary basis after adjusting for currency effects. That brings revenue to only 1 percent below its 2019 result of €2.884 billion.

The company had raised its outlook in October, predicting sales to grow by about 40 percent on a currency-adjusted level, on the back of strong demand in Europe and the Americas.

Operating profit (EBIT) for 2021 is now seen at €228 million. In October, it was raised to €175 million to €200 million, compared with a previous forecast for €125 million to €175 million.

ALSO READ:  Burberry Bans Exotic Skins

Fourth quarter sales stood at €906 million, up 55 percent from the year before, Hugo Boss said.

The full balance sheet will be published on March 10.

By Miranda Murray; Editor: Madeline Chambers

Learn more:

New Hugo Boss CEO Overhauls Top Team to Revive Brand

Hugo Boss has shaken up its senior management team under new chief executive Daniel Grieder, who wants to make the German fashion retailer one of the world’s top 100 global brands.



Source link

Follow Us

Follow us on Facebook Follow us on Pinterest