GERMANY: Hugo Boss forecasts faster growth in 2014
- Q4 profit up 7% to EUR333.4m versus EUR310.6m
- Sales rise 4% to EUR2.43bn from EUR2.35bn
- Company aims to grow faster in 2014
Europe was the fastest growing region for Hugo Boss in 2013
German fashion business Hugo Boss has said it expects to grow at a faster pace this year after reporting record earnings and sales for 2013.
Sales during the year were driven by double-digit growth in Great Britain and France. Europe as a whole was the fastest growing region, with sales up 7% after currency adjustments.
In the Americas, revenues adjusted for currency effects increased by 6%. Thanks to the expansion of the group's own retail business, Asia reported sales growth of 4% after currency adjustments.
Group-wide adjusted wholesale revenues, however, declined 6% during the year.
"We have continued writing the success story that is Hugo Boss over the past fiscal year," said CEO Claus-Dietrich Lahrs.
"We have been able to further enhance the quality of our brand presence. This year and beyond, we will profit from the greater strength and global reach of the Boss brand. I am confident that we will accelerate our rate of growth compared to the prior year."
For 2014, the company expects high single-digit in adjusted sales, with all regions expected to contribute to the target. Double-digit growth is forecast for its own retail business, while the wholesale channels is likely to remain stable.
EBITDA is also forecast to increase at a high single-digit rate. Hugo Boss also said it expects to generate sales of EUR3bn (US$4.2m) in 2015.
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