Hugo Boss raises guidance amid strong Q2 sales
Furthermore, the company posted an EBITDA of €346m (£297m) for the half year, up from €310m (£266m) and an EBIT of €186m (£160m), up from €140m (£120m)
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Hugo Boss has raised its full-year guidance after a 20% increase in group sales to €1.02bn (£880m) during the second quarter of the year ended 30 June 2023.
The group now expects its sales to increase between 12% and 15% to €4.1bn (£3.52bn) and €4.2bn (£3.61bn) for the full year.
The company also posted EBIT of €121m (£104m) for Q2, an increase of 21%, and now expects its full-year EBIT to increase between 20% and 25% to between €400m (£344m)and €420m (£361m).
This comes after the company also posted strong half-year results, with sales of €1.93bn (£1.66bn)for the six months ended 30 June, up from €1.65bn (£1.42m) in the same period last year.
Furthermore, the company posted EBITDA of €346m (£297m) for the half year, up from €310m (£266m) and EBIT of €186m (£160m), up from €140m (£120m).
The majority of its sales came from the EMEA region which accounted for €1.22bn (£1.05bn) of sales while Bricks and mortar retail made the most sales for the company posting a figure of €1.06bn (£910m).
Daniel Grieder, CEO, said: “After our highly dynamic start to the year, we continued our strong performance also in the second quarter. Momentum once again exceeded our own high expectations, despite the overall challenging and uncertain market environment.
“Following our strategy update in June, both brands Boss and Hugo successfully maintained their growth trajectory. We will make 2023 a new record year for Hugo Boss, thus providing a robust foundation for achieving our updated 2025 financial ambition.”
