FRANKFURT: German fashion retailer Hugo Boss has overcome poor consumer sentiment in the past year and significantly increased its turnover and operating result, reported dpa news.
Sales in the fourth quarter rose by 10 per cent in constant currency to €1.18 billion (US$1.28 billion), the company announced from its headquarters in the south-western town of Metzingen on Tuesday on the basis of preliminary figures.
It was the strongest quarter in the company’s history in terms of turnover. All brands, regions and sales channels contributed to the growth. Earnings before interest and taxes (EBIT) increased by 17 per cent to €121 million. Analysts had expected slightly more.
For the year as a whole, sales climbed by 15 per cent to a record €4.2 billion, while EBIT improved by 22 per cent to €410 million. Hugo Boss had recently forecast sales growth of 12 to 15 per cent to between €4.1 billion and €4.2 billion for 2023.
The fashion retailer expected EBIT to increase by 20 to 25 per cent to up to €420 million. The management had already raised its outlook twice last year. Hugo Boss plans to present its detailed figures and outlook on March 7. -Bernama