Hugo Boss reports double-digit growth in third quarter

Hugo Boss has continued its double-digit growth trajectory, revealing today that group sales were up by 15% to £842 million (€1,027 million) during the third quarter.

Currency-adjusted revenues for BOSS Menswear increased by 12% year over year, while revenues for BOSS Womenswear were up 24%. At HUGO, currency-adjusted sales expanded by an impressive 25%.

In terms of consumer touchpoints, the group’s digital channel increased by 25% currency-adjusted. The brick-and-mortar retail business recorded a growth of 8%. What's more, sales in brick-and-mortar wholesale even increased by 21%.

Hugo Boss increased its operating profit by 12% to £84 million (€103 million) compared to £75 million (€92 million) the year prior. As a result, the EBIT margin increased 20 basis points to 10%.

Daniel Grieder, Chief Executive Officer at Hugo Boss, commented: "At Hugo Boss, we look back on a successful third quarter, marked by double-digit top- and bottom-line improvements.

"In an increasingly challenging market environment, we once again claimed our position and gained further market shares globally, driven by our several brand, product, and distribution initiatives. Building on our strong brand momentum, we are well on track to achieve our financial targets and make 2023 another record year for Hugo Boss."

In light of the robust financial performance in the third quarter, Hugo Bossconfirmed its outlook for fiscal year 2023, which had been revised upwards twice during the year. Meanwhile, it remains vigilant concerning ongoing high levels of geopolitical tensions and macroeconomic uncertainties.

The group expects sales in 2023 to increase by between 12% and 15% to a new record level of between £3.3 billion (€4.1 billion) and £3.4 billion (€4.2 billion). It continues to forecast EBIT to increase between 20% and 25% to a level of between £328 million (€400 million) and £344 million (€420 million) in 2023.