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Hugo Boss exceeds 2021 sales target after strong Q4 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A worker displays his suits at the Hugo Boss area of the Central Universal Department Store. (TsUM) in Kyiv Ukraine, January 25, 2021. REUTERS/Valentyn Ogirenko/File Photo

BERLIN (Reuters), Hugo Boss announced Tuesday that the company had exceeded full-year sales targets following fourth quarter earnings, which helped to propel the German fashion house back towards pre-pandemic levels.

After adjusting for currency effects, the company reported that its revenue increased 43% to 2.786 Billion Euros ($3.17 Billon) in 2021. The revenue is now only 1 percent lower than its 2019 total of 2.884 million euros.

Due to high demand in Europe, Asia, and Americas, the company’s outlook for October was raised.

For 2021, the operating profit (EBIT), is expected to be 228 million euros. This was compared to a prior forecast of 125 to 175 millions euros.

Hugo Boss stated that Fourth Quarter sales reached 906 Million Euros, an increase of 55% over the year prior.

The complete balance sheet will appear on March 10th.

($1 = 0.8777 euros)

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