Hugo Boss sees revenues rise to €1.17bn in Q4

Hugo Boss has reported a 13% increase in currency-adjusted revenues in the fourth quarter to €1.17bn (£1.01bn). It also achieved record sales of €4.1bn (£3.6bn) in fiscal year 2023, up 15%. In the three-month period, currency-adjusted sales for Boss menswear were up 13% year over year to €914m (£787m) , while revenues for Boss Womenswear and for Hugo increased by 14% to €81m (£69m). Meanwhile, from a geographical perspective currency-adjusted revenues in EMEA increased by 7% to €680m (£585.3m), reflecting solid sales increases in key markets such as Germany and France as well as double-digit improvements in emerging markets. In the Americas, sales increased 18% to €295m (£253.9m) currency-adjusted in the three-month period, supported by ongoing double-digit growth in the important U.S. market. Additionally, revenues in Asia/Pacific increased by 33% to €172m (£148.0m) currency-adjusted, reflecting strong double-digit sales improvements in both China and SouthEast Asia and Pacific. In light of the “robust performance” during the fourth quarter, Hugo Boss stated that it achieved its full-year 2023 sales and earnings targets, which had been revised upwards twice during the year. The group now expects operating profit to reach 22% growth of €410m (£353m) for the full year 2023, in line with previous guidance. Daniel Grieder, chief executive officer of Hugo Boss, said: We ended 2023 on a high note, making it a record year for Hugo Boss. The double-digit top- and bottom-line improvements in the important final quarter are all the more remarkable considering the current challenging global market environment. “With our strong brand momentum and the ongoing successful execution of our ‘CLAIM 5’ strategy, we have laid a robust foundation for continuing our market-share-winning trajectory and making further progress in becoming one of the top 100 global brands.”