Hugo Boss posts strong Q3 results, raises forecast

On a preliminary basis, currency adjusted sales at Hugo Boss Ag increased 40 percent compared to the prior-year period. In Group currency, revenues were up 42 percent to 755 million euros in the three-month period.

Compared to the third quarter of 2019, the company said in a release, currency-adjusted group sales increased 7 percent, driven by a particular strong performance in Europe and the Americas.

In light of the strong top- and bottom-line performance in the third quarter, the company has increased its outlook for the current fiscal year and now forecasts group sales in fiscal year 2021 to increase by around 40 percent currency-adjusted, with contribution expected from all regions. EBIT is now forecast to come to a level of between 175 million euros and 200 million euros in fiscal year 2021.

Hugo Boss posts strong sales and profit growth in Q3

In Europe, sales increased 38 percent as compared to the prior-year period, translating into sales growth of 9 percent on a two-year stack basis, both currency-adjusted. In the Americas, sales almost doubled versus the prior-year level, up 94 percent currency-adjusted. Consequently, currency-adjusted sales exceeded 2019 levels by 14 percent.

In Asia/Pacific, sales remained 1 percent below the prior-year level and 14 percent below that of 2019. While also in mainland China, sales decreased 9 percent against the prior-year level, they were up 15 percent on a two-year stack basis.

Sales in the company’s own retail business were up 40 percent on the prior-year level, translating into growth of 13 percent on a two-year stack basis, both currency-adjusted. The group’s own online business posted strong double-digit growth of 37 percent versus the prior-year period, and growth of 127 percent on a two-year stack basis, both currency-adjusted.

In the wholesale channel, currency-adjusted sales also grew 40 percent versus the prior-year period, and remained only 1 percent below 2019 levels.

In the third quarter of 2021, on a preliminary basis, Hugo Boss generated an operating profit (EBIT) of 85 million euros, above the prior-year level of 15 million euros. Compared to pre-pandemic levels, EBIT was up 3 percent.

The company will publish its full third quarter 2021 results on November 4, 2021.