Hugo Boss continues to defy "challenging" environment with strong sales

Hugo Boss continued momentum despite a "challenging macroeconomic and geopolitical backdrop", reporting group sales were up by 6% to £870,000 (€1.014 million) during the first quarter of 2024.

The US-based company's revenues were up by 5% and EBIT grew by 6% to £58 million (€69 million). This development reflects the ongoing executive of the company’s Claim 5 strategy, with a particular focus on leveraging important growth opportunities.

Daniel Grieder, Chief Executive Officer at Hugo Boss, said that with the Claim 5 strategy, the company "laid an important foundation for sustainable, long-term success".

Demand for both the Boss and Hugo Boss brands remained solid, with the 2024 spring and summer collections "well received". Currency-adjusted sales for Boss Menswear were up 5%, while revenues at Boss Womenswear increased by 7%. At Hugo, currency-adjusted sales grew by 9%, supported by the successful launch of its denim-focused brand line Hugo Blue.

Daniel Grieder

Daniel Grieder
Grieder commented: "I am pleased that we delivered further sales and earnings improvements also in the first quarter 2024.

"In a volatile market environment, we remain focused on rigorously executing our Claim 5 strategy, capitalizing on our numerous growth opportunities. By leveraging our strong business platform, we remain equally committed to realizing further efficiencies. All of this will enable us to continue our profitable growth trajectory also in 2024."

Hugo Boss confirms its full-year guidance. Group sales are expected to sit between £3.6 billion to £3.8 billion  (€4.3 billion to €4.45 billion), up by 3% to 6%. The company anticipates EBIT to grow between 5% and 15% to around £367 million to £406 million (€430 million to €475 million) in 2024.