The group's sales for fiscal 2023 increased by 18 percent in currency-adjusted terms, reaching a record total of 4,197 million euros (approximately $4,580 million), up from 3,651 million euros a year earlier. With this milestone, Hugo Boss sales surpassed the €4 billion mark for the first time in its history, reaching its medium-term sales goal two years ahead of schedule. Growth was consistently strong across all brands, regions and distribution channels, with all contributing double-digit increases, the company said in a news release.
Hugo Boss sees EBIT rising 22 percent to €410 million ($448 million) in FY23, driven by strong sales growth, surpassing €4 billion for the first time. In FY23, sales increased by 18 percent to €4.197 billion. The company expects sales growth of 3-6 percent to €4.30-4.45 billion in FY24, and EBIT is forecast to rise by 5-15 percent to €430-475 billion. euros.
Looking ahead to fiscal year 2024, Hugo Boss projects that sales will grow between 3 and 6 percent, potentially reaching between 4.3 billion and 4.45 billion euros. The company forecasts an increase in EBIT of 5 to 15 percent, estimating it in the range of approximately €430 million to €475 million. Furthermore, the EBIT margin is expected to continue improving, reaching between 10 percent and 10.7 percent.
“2023 was another year of notable success for Hugo Boss,” he said. Daniel Grieder, CEO of Hugo Boss. “The second full year of executing our 'CLAIM 5' growth strategy was characterized by strong achievements across all business areas and accelerated the momentum of our two brands Boss and Hugo. These successes demonstrate that with 'CLAIM 5' we have the right strategy to unlock the full potential of our brands.”
Fiber2Fashion News Desk (DP)
