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Hugo Boss
BOSS,
said Thursday that net profit rose 46% in the first quarter on double-digit improvements across brands and regions, and that it is lifting its full-year guidance as a result.
The German premium-fashion company said net profit rose to 35 million euros ($38.7 million) from EUR24 million in the same quarter of 2022.
Revenue climbed to EUR968 million from EUR772 million a year prior, as robust demand fuelled double-digit growth in both brands and across regions, it said. In the Europe, Middle East and Africa region, sales jumped 21% to EUR609 million.
Analysts had expected group sales of EUR891 million, according to a FactSet-compiled poll.
Earnings before interest and taxes grew to EUR65 million from EUR40 million while the margin rose to 6.7% from 5.2%, driven by top-line improvements that more than offset a slight decline in gross margin, the company said.
Looking ahead, Hugo Boss now expects 2023 sales to grow by around 10% to around EUR4 billion and EBIT to increase 10% to 20% to EUR370 million to EUR400 million.
Write to Christian Moess Laursen at christian.moess@wsj.com
