Fashion group Hugo Boss raised its outlook for the full year after announcing double-digit sales in the second quarter.
Yesterday, the German fashion group Hugo Boss raised its outlook for the whole year, after announcing a significant increase in sales, driven in particular by market share gains thanks to the redesign of its brand.
The company expects annual sales to increase between 12 and 15%, reaching around €4.2 billion, compared to its previous forecast of €4 billion (+10%).
In addition, the group expects the 2023 operating income to increase between 20 and 25%, reaching 400 to 420 million euros, compared to a previous range of 10 to 20%.
A timely change
In 2022, the redesign of the Hugo Boss brand helped the luxury group remain resilient in slow markets such as the US and Europe, the Middle East and Africa (EMEA). At the same time, it boosted sales in Asia, despite a slow recovery due to previous restrictions.
Quarterly sales increased by 20% to €1 billion on a currency-adjusted basis from €878 million in 2022. Sales in line with analysts’ estimate of 1 billion euros.
On the stock market side, Hugo Boss shares increased by 2% in Lang & Schwarz’s pre-market indications.
Read also >Hugo Boss expects sales to slow in 2023
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