GERMANY: Hugo Boss posts 30% growth in Q4 income
- Q4 net income grew 30% to EUR70m (US$93.7m)
- Sales grew 22% to EUR607m
- Comparable store sales climbed 4%
German fashion brand Hugo Boss has seen fourth quarter profit jump 30% on rising sales and tight cost controls.
The company said today (8 January) that net income surged to EUR70m over the quarter ended 31 December, which it attributed to sales growth and strict management of operating expenses.
Sales grew 18% over the period after adjusting for currency effects, or up 22% in euro terms to EUR607m. The gains were helped by the continued expansion of its store network, as well as a 4% rise in comparable store sales.
Over the full year, net income grew 8% to EUR307m. Sales were up 10% on a currency neutral basis, rising 14% in euro to EUR2.3bn.
"The positive business performance in 2012 has brought us a good step closer to achieving our medium-term targets", said CEO Claus-Dietrich Lahrs.
"Despite the still challenging market environment, I am confident that we will continue to post stronger growth than the overall market in 2013."
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