Hugo Boss hails 'successful comeback' as sales hit record levels
Hugo Boss has revealed quarterly sales of more than €1 billion for the first time ever as Q4 sales grew by a record-breaking 18% compared to last year's results.
Quarterly sales reached £939 million (€1,068 million), up 18% from last year's £796 million (€905 million) earnings. This exceeded the £880 million (€1 billion) mark for the first time in the brand's 98-year history.
The record performance reflects the brand's ongoing successful 'Claim 5' strategy, which drove consumer demand for the BOSS and HUGO lines by executing events, marketing, and sales initiatives.
Daniel Grieder, Chief Executive Officer of Hugo Boss, commented: “2022 was truly a record year for Hugo Boss. Thanks to an exceptionally strong final quarter, we even exceeded our own high expectations.
“Our successful comeback in 2022 is a testament to the rigorous and determined execution of our ‘Claim 5’ strategy. In particular, our bold branding refresh impressively fueled the brand power of BOSS and HUGO throughout the year. Building on this strong foundation, we will continue to pursue our ambition to ultimately become one of the top 100 global brands.”
Across the board, BOSS Menswear, BOSS Womenswear, and HUGO posted double-digit sales improvements in Q4. The 'Claim 5' strategy saw sales for BOSS Menswear and BOSS Womenswear boosted by 14%. HUGO continued its double-digit growth trajectory, with a sales increase of 18%.
Hugo Boss' digital business grew by 9% year-on-year, whereas brick-and-mortar retail saw revenues up by 12% year-on-year.
Due to the strong performance during Q4, Hugo Boss exceeded its 2022 fiscal year sales and earnings targets, which had already been revised twice. Overall, sales were up 31% in reported currency to a record level of £3.25 billion (€3.7bn); on a currency adjusted basis sales were up 27%.
Subject to the ongoing annual financial statements, the group expects an increase in operating profit (EBIT) of 47% to an amount of £295 million (€335m) for the 2022 financial year, which is above current market expectations.
