BERLIN (dpa-AFX) - German luxury fashion brand Hugo Boss AG (HUGSF.PK) reported Wednesday higher profit and sales in its second quarter, and raised fiscal 2023 forecast. The company also projects significant growth in fiscal 2025.
For the second quarter, net income attributable to equity holders of the parent company climbed 31 percent to 75 million euros from last year's 58 million euros. Earnings per share were 1.09 euros, higher than 0.83 euro a year ago.
Operating profit or EBIT increased 21 percent from last year to 121 million euros, and EBIT margin increased 40 basis points to 11.8 percent.
Group sales increased 17 percent to 1.03 billion euros from last year's 878 million euros. Currency-adjusted Group sales increased 20 percent. Revenues continued to significantly exceed pre-pandemic levels.
The company recorded double-digit growth across all brands, regions, and channels.
Looking ahead for fiscal 2023, the company now forecasts EBIT to increase between 20 percent and 25 percent to a level of between 400 million euros and 420 million euros. The previous outlook was an increase of between 10 percent to 20 percent to an amount of 370 million euros to 400 million euros.
Group sales are now expected to increase between 12 percent and 15 percent to a level of between 4.1 billion euros and 4.2 billion euros. The prior guidance was an increase of around 10 percent to around 4 billion euros.
By 2025, HUGO BOSS said it is confident of generating revenues of 5 billion euros and EBIT of at least 600 million euros, representing an EBIT margin of at least 12 percent.
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