Dow Jones Newswires: Hugo Boss first quarter net profit rises to €35 million.

by | May 4, 2023 | Stock Market

Hugo Boss
said Thursday that net profit rose 46% in the first quarter on double-digit improvements across brands and regions, and that it is lifting its full-year guidance as a result. The German premium-fashion company said net profit rose to 35 million euros ($38.7 million) from EUR24 million in the same quarter of 2022.

Revenue climbed to EUR968 million from EUR772 million a year prior, as robust demand fuelled double-digit growth in both brands and across regions, it said. In the Europe, Middle East and Africa region, sales jumped 21% to EUR609 million. Analysts had expected group sales of EUR891 million, according to a FactSet-compiled poll. Earnings before interest and taxes grew to EUR65 million from EUR40 million while the margin rose to 6.7% from 5.2%, driven by top-line improvements that more than offset a slight decline in gross margin, the company said. Looking ahead, Hugo Boss now expects 2023 sales to grow by around 10% to around EUR4 billion and EBIT to increase 10% to 20% to EUR370 million to EUR400 million. Write to Christian Moess Laursen at [email protected]

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