In the first quarter of 2024, Hugo Boss sales amounted to 1,014 million euros, an increase of 6 percent currency adjusted, with revenue improvements across both brands, all regions, and all distribution channels. In group currency, revenues expanded by 5 percent.
The company said in a release that EBIT grew by 6 percent to 69 million euros, implying an EBIT margin expansion of 10 basis points to a level of 6.8 percent.
Commenting on the first quarter results, Daniel Grieder, chief executive officer of Hugo Boss said, “In a volatile market environment, we remain focused on rigorously executing our ‘Claim 5’ strategy, capitalising on our numerous growth opportunities. All of this will enable us to continue our profitable growth trajectory also in 2024.”
Hugo Boss posts sales increase across brands and markets
Currency-adjusted sales for Boss menswear were up 5 percent, while revenues at Boss womenswear increased by 7 percent during the first three months of the year.
At Hugo, currency-adjusted sales grew by 9 percent, supported by the launch of its new, denim-focused brand line Hugo Blue.
Across all regions, in EMEA, currency adjusted revenues increased by 5 percent, reflecting sales improvements in Germany as well as a double-digit plus in emerging markets. In the Americas, revenues were up 11 percent currency adjusted including a double digit uptick in the important US market.
Sales in Asia/Pacific were up 4 percent currency adjusted in the first quarter. The company added that while Southeast Asia & Pacific once again posted double-digit growth, sales in China remained below the prior-year level, reflecting overall muted local demand.
Hugo Boss reports growth in all retail channels
The company’s all retail channels recorded further sales growth in the quarter. The group’s digital business continued its double-digit growth trajectory with currency-adjusted sales up 10 percent, reflecting improvements at Hugoboss.com as well as an increase in digital sales generated with partners.
Revenues in brick-and-mortar retail business grew by 3 percent currency-adjusted, while currency-adjusted sales in brick-and-mortar wholesale expanded by 8 percent, emphasising demand for the spring/summer 2024 collections.
Hugo Boss continues to expect group sales in the reporting currency to increase within a range of 3 percent to 6 percent in 2024 to a level of around 4.30 billion euros to 4.45 billion euros. The company continues to anticipate EBIT to grow between 5 percent and 15 percent to a level of around 430 million euros to 475 million euros in 2024 and the EBIT margin is forecast to increase to a level of between 10 percent and 10.7 percent.