Fashion retailer Hugo Boss has maintained its full-year guidance after a “robust” third-quarter performance with top-line improvements across “both brands, all regions and all consumer touchpoints”.
Hugo Boss recorded a 10% increase in group sales in its third quarter to reach €1.03bn (£880m), while sales were up 15% on a currency-adjusted basis.
EBIT for the quarter reached €103m (£89.8m), up 12% year on year from €92m (£80.2m) during the same period in 2022.
Hugo Boss also posted gross profit of €623m (£543.2m) for the period, which was also up 10% year on year.
With an eye to sales for the quarter at each of the retailer’s brands specifically, Boss menswear sales were up by 7% year on year, while womenswear sales rose by 19% and sales at the Hugo brand increased by 20%.
In terms of geographic location, sales in the Americas increased the most with a year-on-year rise of 16%.
Sales across Europe, the Middle East and Africa, and the Asia-Pacific region were up by 9% and 8% respectively.
The fashion retailer credited its “strong” third-quarter performance to the continued momentum of both the Boss and Hugo brands and the “successful launch” of its autumn/winter 2023 collections.
Hugo Boss said it had once again recorded double-digit growth despite a “challenging” trading market.
In terms of outlook, Hugo Boss confirmed its top- and bottom-line outlook, “which had been revised upwards twice during the year” but emphasised it remains “vigilant” amid “macroeconomic uncertainties”.
The fashion retailer continues to anticipate sales for the full year to increase by between 12% and 15% to a “record” level of €4.1bn (£3.57bn) and €4.2bn (£3.66bn).
EBIT is also predicted to increase between 20% and 25% to reach between €400m (£348.7m) and €420m (£366.2m) for the year.
Hugo Boss chief executive Daniel Grieder said: “At Hugo Boss, we look back on a successful third quarter, marked by double-digit top and bottom.
“In an increasingly challenging market environment, we once again claimed our position and gained further market shares globally, driven by our several brand, product and distribution initiatives.
“Building on our strong brand momentum, we are well on track to achieve our financial targets and make 2023 another record year for Hugo Boss.”
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