BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - HUGO BOSS (HUGSF.PK) reported first-quarter operating profit or EBIT of 65 million euros, a significant increase of 63% compared to the previous year. The Group's EBIT margin increased by 160 basis points to a level of 6.7%. In light of the strong financial performance in the first quarter, HUGO BOSS increased its top- and bottom-line outlook for the current fiscal year.
Daniel Grieder, CEO of HUGO BOSS, said: 'Following our strong performance in the first quarter, we remain all the more confident in the continued success of 'CLAIM 5.'
First quarter Group sales were 968 million euros compared to 772 million euros, prior year, an increase of 25% both currency-adjusted and in Group currency. The company recorded significant double-digit growth in currency-adjusted sales for BOSS Menswear with an increase of 23%, BOSS Womenswear with an increase of 28%, and HUGO with an increase of 31% during the first three months of the year.
HUGO BOSS now expects Group sales in 2023 to increase by around 10% to a level of around 4 billion euros. Prior guidance was an increase at a mid-single-digit percentage rate. EBIT in 2023 is now expected to increase within a range of 10% to 20% to an amount of between 370 million euros and 400 million euros. Prior guidance was an increase within a range of 5% to 12% to an amount of between 350 million euros and 375 million euros.
On June 14 and 15, the company will present an update on 'CLAIM 5' and its mid-term financial ambition as part of an Investor Day.
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