Fashion retailer Hugo Boss has posted a “strong growth trajectory” and has raised its full-year outlook for 2023 as it recorded double-digit growth “across all brands, regions and channels” in its second quarter.
Hugo Boss posted a 20% increase in sales for the quarter to €1.03bn (£880m), up from €878m (£753.9m) during the same period in 2022.
The fashion house also posted a 21% increase in EBIT to €121m (£103.9m) year on year during the period.
Hugo Boss credited its record quarter to its “bold spring/summer 2023 campaigns” across both the Boss and Hugo brands respectively.
The retailer said that growth from a regional perspective was “once more broad based with all regions recording significant double-digit sales improvements”, as momentum was particularly driven by the brand’s key European markets in Germany and France.
Hugo Boss said that sales across the UK “remained slightly below 2022 levels”, despite revenues being up significantly in the UK on a pre-pandemic comparison.
The fashion retailer has raised its outlook for the full financial year and now forecasts group sales to increase between 12% and 15% to reach up to €4.2bn (£3.6bn).
EBIT for the full financial year is also anticipated to grow between 20% and 25% for 2023 to reach up to €420m (£360.7m).
Hugo Boss chief executive Daniel Grieder said: “After our highly dynamic start to the year, we continued our strong performance also in the second quarter.
“Momentum once again exceeded our own high expectations, despite the overall challenging and uncertain market environment.
“Following our strategy update in June, both brands Boss and Hugo successfully maintained their growth trajectory.
“We will make 2023 a new record year for Hugo Boss, thus providing a robust foundation for achieving our updated 2025 financial ambition.”
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