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Hugo Boss shares slump after fashion group misses quarterly earnings estimates

Investing.com -- Shares in Hugo Boss (F:BOSSn) slipped sharply in midday European trading on Tuesday after the luxury fashion retailer unveiled preliminary fourth-quarter earnings that missed consensus estimates.

Earnings before interest and taxes (EBIT) came in at €121 million during the three-month period, a rise of 17% compared to the same timeframe in its 2022 fiscal year. However, the figure was below analysts' consensus estimates of €130 million.

Full-year EBIT of €410M was also under forecasts of €419M.

In a note to clients, analysts at Morgan Stanley said that the lower-than-anticipated returns were driven by a higher promotional activity in the U.S. and the Europe, Middle East and Africa regions. This offset revenue that was "more [or] less" in line with projections. The currency-adjusted quarterly top-line number rose by 13% to €1.2B, pushing annual sales up to a record €4.2B.

However, Hugo Boss called its performance last year an "important milestone" as it looks to achieve revenues of €5B and pre-tax and interest profit of at least €600M by 2025.

The company will post its final results for 2023 and its fiscal outlook for 2024 on March 7.

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