January 17, 2023
boss Hugo on Tuesday reported double-digit gains in revenue and preliminary full-year earnings, slightly outperforming its own guidance, citing continued solid demand following a brand reshuffle in year 2022.
Currency-adjusted revenue in 2022 grew 27% to a record 3.65 billion euros ($3.95 billion), the company said in a statement, while operating profit (EBIT) increased by 47% to 335 million euros.
The German fashion house had previously forecast sales in the range of €3.5 billion to €3.6 billion, with an EBIT increase of 35% to 45%.
“Overall, the bulls have been ahead of Hugo Boss’s guidance,” JP Morgan Analyst Chiara Battistini wrote in a note, adding that she wouldn’t expect to see stocks gain more strength on Tuesday.
The shares fell 0.5% in early Frankfurt trading.
Hugo Boss said it will publish final results for 2022 and outlook for 2023 on March 9.
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