By Andrea Figueras
Hugo Boss, the premium-fashion company, has announced its preliminary sales figures for the fourth quarter and the full year of 2023, exceeding expectations and achieving strong growth across all regions.
Fourth Quarter Highlights
During the October-December period, Hugo Boss recorded impressive earnings before interest and taxes (EBIT) of EUR 121 million ($132.5 million), reflecting a 17% increase compared to the previous year. The company saw a currency-adjusted sales growth of 13% for the fourth quarter, amounting to EUR 1.18 billion. Notably, all regions contributed to this growth, with the Americas showing exceptional strength. In the Americas, currency-adjusted sales soared by 18% to EUR 295 million.
Strong Performance for the Year
In overall performance for the year 2023, Hugo Boss reported an EBIT of EUR 410 million, a 22% increase from the previous year, thereby meeting its own expectations. Sales also demonstrated significant growth, reaching EUR 4.2 billion, an 18% increase on a currency-adjusted basis. These results align with the company's outlook, which projected a sales increase of 12% to 15%, totaling between EUR 4.1 billion and EUR 4.2 billion.
Analyst Expectations
Analysts had predicted that Hugo Boss would achieve a full-year EBIT of EUR 419 million and sales of EUR 4.2 billion, according to estimates compiled by FactSet.
Positive Outlook
Looking ahead to 2025, the company remains optimistic about its future performance. Hugo Boss anticipates revenue reaching EUR 5 billion and EBIT at a minimum of EUR 600 million, translating to an EBIT margin of at least 12%.
Future Updates
Hugo Boss will release its final results for 2023 and provide an outlook for 2024 on March 7, giving investors and stakeholders further insights into the company's progress.
