Hugo Boss lifts outlook as Q2 sales rise

Hugo Boss has reported a 20% increase in currency-adjusted sales to £859 million (€1 billion) for the second quarter, with double-digit growth across all brands, regions and channels.

The group revealed growth across the HUGO and BOSS brands, with success from SS23 collections encouraging "strong" sell-through rates across all distribution channels.

BOSS Menswear, BOSS Womenswear and HUGO posted particularly "significant" double-digit sales.

Currency-adjusted revenues for BOSS Menswear were up 18%, whilst revenues for BOSS Womenswear lifted 32%. At HUGO, currency-adjusted sales increased 21%.

Operations in EMEA and the Americas continued to benefit from local consumer demand and a pick-up in tourism, whilst Asia/Pacific recorded "superior growth".

Sales in EMEA increased 15%, boosted by double-digit growth in key European markets, such as France and Germany.

All channels contributed to growth, with sales momentum in the group’s digital business up 30%. Brick-and-mortar retail also drove double-digit sales, with revenues up 17%.

Looking ahead, Hugo Boss has raised its expectations for FY23. It now forecasts sales between 12-15% to a record £3.5-3.6 billion (€4.1-4.2 billion), up from its previous guidance of 10%.

Daniel Grieder, CEO of Hugo Boss, 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, providing a robust foundation for achieving our updated 2025 financial ambition."