Upmarket fashion retailer Hugo Boss has “achieved goals for 2017” following strong sales in its final quarter, as it pushes on with its turnaround strategy.
Sales for the final quarter grew by five per cent to €735 million (£652 million), lifting its full year sales by three per cent to €2.7 billion (£2.4 billion), according to preliminary results released yesterday.
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This was largely driven by significant growth outside of Europe, seeing a 11 per cent rise in the Americas and a 10 per cent boost across Asia, compared to a one per cent rise in its key EU market.
Although no figures on Hugo Boss’ profitability for 2017 have yet been published, EBITDA is reportedly expected to fall roughly in line with 2016’s, which stood at €493 million (£437 million).
The predicted profits would come below City expectations of €502 million (£445 million), but sales for both the final quarter and the full year are slightly above analyst predictions. This saw share prices rise 3.7 per cent.
“We achieved our goals for 2017,” chief executive Mark Langer said.
“The final quarter was particularly pleasing. We strive to carry the momentum gained in the last months into 2018.”
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