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Hugo Boss expects 2022 profit beat as Q4 sales top €1 billion for first time
By Scott Kanowsky
Investing.com -- Hugo Boss AG (ETR:BOSSn) says its annual operating profit will exceed expectations after the German fashion house overcame a COVID-related slide in Chinese demand to post quarterly sales above €1 billion (€1 = $1.0833) for the first time ever.
In preliminary results released on Tuesday, the Metzingen-based company predicted that earnings before interest and taxes for its fiscal year 2022 will rise by 47% to €335M, above its previous guidance of between €310M - €330M. Bloomberg consensus estimates placed the figure at €327.1M.
The fourth quarter played a major role in this bottom-line beat, Hugo Boss added, with the final three-month period seen contributing €104M to the returns. EBIT margin is also anticipated to rise to 9.2% from 8.2% in 2021.
On a reporting currency basis, quarterly sales jumped by 18% year-on-year to €1.07B, which the firm said was due to a new marketing initiative that helped drive shoppers towards both its BOSS athleisure and HUGO progressive fashion brands.
"[T]he new and powerful brand image of BOSS and HUGO drove brand momentum throughout the year, resulting in strong sell-through rates and enabling both brands to successfully expand market share globally," Hugo Boss said in a statement.
Sales growth remained strong in the U.S. and Europe, with the latter posting an 18% spike in currency-adjusted revenues thanks to robust performance in the U.K., France and Germany. But this was partly offset by a 3% fall in the Asia/Pacific region, where demand was hit by strict COVID-19 restrictions in China that led to temporary store closures in the country.
Analysts at RBC noted that while Hugo Boss' momentum in some regions is solid, the firm still faces cost headwinds and foreign exchange pressure heading into 2023.
Shares in the firm were down by more than 1% in early European trading.
Hugo Boss is scheduled to publish its final 2022 results and its outlook for the next financial year on March 9.
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