Hugo Boss SE announced that revenue and profits were higher than expected in 2021 after a strong start to the year, according to preliminary data.
The German company of high quality clothing, announced that sales for the quarter were 1.2% higher in fixed currency, compared to the corresponding period of 2019, and 51% higher on an annual basis, at 906 million Euros.
The result was enhanced by the strong increase in digital sales, which now account for 20% of the total.
For 2021, sales increased 43% to 2.79 billion euros, almost the same as in 2019.
Earnings before interest and taxes amounted to 100 million Euros in the last quarter of the year, helping Hugo Boss to show (estimated) operating profits of 228 million Euros for 2021.
Both sales and profits were higher than the target for sales growth of about 40% and EBIT to 200 million euros, according to increased estimates in October.
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Source From: Capital
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