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Hugo Boss confirms growth outlook on strong Q3 results

By Prachi Singh


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Credits: Image: Hugo Boss

Hugo Boss sales increased by 15 percent currency-adjusted to 1,027 million euros and by 10 percent in group currency, respectively.

The company said in a release that currency-adjusted revenues for Boss menswear increased by 12 percent, while revenues for Boss womenswear were up 24 percent. At Hugo, currency-adjusted sales even expanded by 25 percent.

At Hugo Boss, we look back on a successful third quarter, marked by double-digit top and bottom line improvements. 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," said Daniel Grieder, Chief Executive Officer of Hugo Boss.

Hugo Boss posts revenue growth across markets and retail channels

In EMEA, the company’s currency-adjusted sales increased by 12 percent, with all of the region's key markets contributing to growth. In the Americas, sales increased by 22 percent currency-adjusted including a 20 percent rise in the U.S. market, with all consumer touchpoints contributing to growth. I

n Asia/Pacific, currency adjusted revenues rose 21 percent above the prior-year level driven by double-digit sales improvements in both South East Asia & Pacific and China, with the latter posting currency-adjusted growth of 17 percent.

Revenues in the digital channel increased by 25 percent currency-adjusted, while the brick-and-mortar retail business recorded currency-adjusted growth of 8 percent compared to the prior year.

Currency-adjusted sales in brick-and-mortar wholesale even increased by 21 percent, fueled by demand for the Boss and Hugo fall/winter 2023 collections. Besides a strong order intake, this performance also reflects a double-digit increase in the replenishment business.

Hugo Boss operating profit improves, confirms outlook

Hugo Boss increased its operating profit (EBIT) by 12 percent to 103 million euros and EBIT margin increased 20 basis points to 10 percent and at 60.7 percent, the gross margin remained broadly at the prior-year level.

In light of the robust financial performance in the third quarter, Hugo Boss has confirmed its top and bottom-line outlook for fiscal year 2023, which had been revised upwards twice during the year.

The group continues to expect sales in 2023 to increase by between 12 percent and 15 percent to a level of between 4.1 billion euros and 4.2 billion euros. Equally, Hugo Boss continues to forecast EBIT to increase between 20 percent and 25 percent to a level of between 400 million euros and 420 million euros in 2023.

Hugo Boss