Hugo Boss reveals 'highest quarterly sales in history'
Hugo Boss has reported a 18% increase in sales to £807 million (€933 million) for the third quarter of 2022, representing its highest quarterly sales ever.
Digital sales were up 20%, reflecting a double-digit sales increase on the Hugo Boss website and improvements in digital revenues generated with the company's partners. In addition, bricks & mortar retail sales were up 18%.
The Boss and Hugo brands saw double-digit revenue growth. Sales of Boss menswear increased by 20% and womenswear by 13%, whilst Hugo revenue was up 13%.
In Europe, the company's sales increased 17%, reflecting continued demand across its key markets.
In the third quarter, Hugo Boss also increased its operating profit by 8% to £79 million (€92 million), compared to £73 million (€85 million) in Q3 2021. This compensated for a "moderate decline" in gross margin, as well as an increase in selling and distribution expenses.
Looking ahead, the luxury fashion brand has now raised its outlook for the current fiscal year. The group now expects sales to rise by 25-30% to a new record level of £3-3.1 billion (€3.5-3.6 billion).
CEO Daniel Grieder said: “We look back on an extremely successful quarter, in which our broad-based growth continued seamlessly. Building on our strong brand momentum, we look forward to the important final quarter with confidence. We are well on track to make 2022 a record year for Hugo Boss."
