Hugo Boss, the reputed German luxury fashion house, has raised its profit guidance for full year. The move didn’t come as a surprise following the retailer’s strong recovery from COVID-19 in Europe and the Americas.
The Group saw its sales amount to €755 million in the third quarter – that’s a 40 per cent currency-adjusted rise from the previous year.
Region-wise, Hugo Boss witnessed a 38 per cent jump in sales in Europe, while the same doubled from the previous year in Americas – 90 per cent currency-adjusted rise.
Asia-Pacific region saw the sales remain 1 per cent below the previous year – owing to renewed pandemic restrictions in the region. Compared to 2019, the sales were 14 per cent down in the region.
In the third quarter of 2021, Hugo Boss generated an operating profit (EBIT) of €85 million, compared to €15 million in the year before.
Consequently, the Group now predicts sales in FY2021 to surge by nearly 40 per cent currency-adjusted compared to previous guidance of currency adjusted increase between 30 and 35 per cent, with contributions expected from all regions.
Reportedly, EBIT is expected to touch €175 million to €200 million for the fiscal year 2021.
Founded in 1924, Hugo Boss sells clothing, accessories, footwear and fragrances, and generated global sales of €2.9 billion in 2019.
