Hugo Boss FY preliminary results beat own guidance

Shirts and ties are on display in the Hugo Boss section in the Central Universal Department Store in Kiev

(Reuters) – Hugo Boss on Tuesday reported a double-digit rise in preliminary full-year sales and earnings, slightly ahead of its own guidance, citing ongoing solid demand after a brand revamp during 2022.

Currency-adjusted sales in 2022 rose 27% to a record level of 3.65 billion euros ($3.95 billion), the company said in a statement, while its operating profit (EBIT) increased 47% to 335 million euros.

The German fashion house had previously forecast sales in a range of 3.5 billion and 3.6 billion euros, with an increase in EBIT between 35% and 45%.

“Overall the buyside was already sitting ahead of Hugo Boss guidance,” J.P. Morgan analyst Chiara Battistini wrote in a note, adding she would not expect to see further strength in the shares on Tuesday.

The stock was down 0.5% in early Frankfurt trade.

Hugo Boss said it would publish its final results for 2022 and its outlook for 2023 on March 9.

($1 = 0.9248 euros)

(Reporting by Linda Pasquini, Editing by Miranda Murray)