Hugo Boss, the luxury fashion brand, has reported a strong first quarter with a 25 per cent increase in group sales to € 968 million. The company saw double-digit growth across all brands, regions, and channels, exceeding pre-pandemic levels.
“We look back on an excellent start to the year, as we further accelerated brand momentum around the globe,” said CEO Daniel Grider “Following our strong performance, we remain all the more confident in [our] continued success. We will make 2023 yet another record-breaking year for our company, as we aim to achieve our mid-term sales target of € 4 billion already this year, thus significantly earlier than expected.”
The company’s EBIT also increased by 63 per cent to € 65 million in Q1, prompting it to raise its outlook for the year with sales expected to grow around 10 per cent to reach € 4 billion.
EBITDA is projected to increase between 10 per cent and 20 per cent to a range of € 370 million-€ 400 million.
The company’s growth strategy has provided ‘substantial tailwinds’ and helped to create significant double-digit growth in currency-adjusted sales for Boss Menswear, Boss Womenswear, and Hugo.
Digital sales were up 22 per cent, while physical stores and wholesale also had an excellent start to the year.
