Hugo Boss maintains business recovery with strong Q4 results
Hugo Boss has seen preliminary revenue and earnings for fiscal year 2021 exceed its full year targets, recording its "strongest" fourth quarter earnings in the company's history.
The German company said in a release that revenue rose 43% in 2021 to €2.786 billion, on a preliminary, non-audited basis after adjusting for currency effects. That brings revenue to only 1% below its 2019 result of €2.884 billion.
On a preliminary basis, currency-adjusted revenues in the fourth quarter at Hugo Boss increased 51% compared to the prior-year level, up 12% compared to the same period in 2019. In the reporting currency, sales grew by 55% to €906 million.
The group’s digital business continued to post significant double-digit sales improvements in the final quarter, with total sales rising by 50% compared to the prior-year quarter.
The company added that the growth was supported by 98% of the company’s store network being back in operation during the fourth quarter. Hugo Boss also benefitted from ongoing robust consumer sentiment in key markets as well as the successful execution of key strategic initiatives as part of its ‘Claim 5’ strategy.
Daniel Grieder, Chief Executive Officer of Hugo Boss said: "2021 was a highly successful year for HUGO BOSS. We strongly accelerated our sales and earnings development throughout the year and also made first great strides in executing our new 'CLAIM 5' growth strategy.
"The upcoming weeks will see further important milestones, with the introduction of our new branding and the launch of the biggest Boss and Hugo marketing campaigns in our Company's history. Based on these exciting initiatives, we will further drive brand relevancy in 2022."
