On a preliminary basis, Hugo Boss recorded a currency-neutral fourth-quarter (Q4) sales increase of 15% year-on-year, exceeding the level of the comparable 2019 period by 29%. In reported currency, sales increased by 18% year-on-year to EUR1.1bn (US$1.2bn). Quarterly sales thus exceeded the EUR1bn mark for the first time in the history of Hugo Boss.
Preliminary EBIT increased by 4% to EUR104m.
Hugo Boss said the development reflected the continued successful implementation of important brand, product and sales initiatives as part of the ‘Claim 5’ strategy, which also led to robust consumer demand for Boss and Hugo in the fourth quarter.
“Unsurprisingly Hugo Boss exceeded its FY2022 targets both in revenue and profits due to its successful brand refresh at the beginning of the year,” comments Louise Deglise-Favre, apparel analyst at GlobalData.
“The brand invested in a great marketing push, recruiting celebrities like Kendall Jenner and Anthony Joshua to promote its new product offering which catered to a much younger audience. The brand has managed to re-invent itself as a modern and desirable brand for Gen-Z and Millennial shoppers, allowing to expand its consumer base.”
Given the strong performance in the final quarter of 2022, Hugo Boss exceeded its sales and earnings targets for fiscal year 2022, which were revised upwards twice over the course of the year.
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On a preliminary, unaudited basis, Hugo Boss achieved record sales of EUR3.7bn in fiscal year 2022 reflecting strong growth of 31% in reporting currency. On a currency-adjusted basis, this corresponds to an increase of 27%.
Subject to the ongoing annual financial statements, the group expects an increase in operating profit (EBIT) of 47% to an amount of EUR335m for the 2022 financial year, which is above current market expectations (forecast: increase between 35% and 45% a level of EUR310m-330m).
The fourth quarter is expected to contribute EBIT of EUR104m, a 4% increase on the same quarter a year earlier.