• Home
  • News
  • Business
  • Hugo Boss swings to FY profit as sales return to pre-Covid levels

Hugo Boss swings to FY profit as sales return to pre-Covid levels

By Huw Hughes

10 Mar 2022

Business

Image: Hugo Boss, FashionUnited

Hugo Boss saw a 43 percent increase in sales in fiscal 2021 as it swung to a full-year profit.

The German luxury label reported group sales of 2.786 billion euros for the year, which was up from 1.946 billion euros a year earlier, and in line with pre-pandemic 2019 levels.

The company said the growth was “broad-based” in nature, with sales increasing for both the Boss and Hugo brands, as well as across all regions and distribution channels.

Breaking it down by label, sales at Boss Menswear were up 42 percent, at Boss Womenswear they were up 46 percent, and at Hugo they were up 45 percent.

The company said growth across brands was driven by “ongoing strong momentum in casualwear, while formalwear sales also recovered noticeably in fiscal year 2021”.

Hugo Boss back in the black

The strong performance was also reflected in the bottom line, with the company reporting net income of 144 million euros compared to a loss of 219 million euros the prior year.

Meanwhile, its EBIT came in at 228 million euros compared to a loss of 236 million euros a year earlier.

Looking ahead at the current year, the company expects sales to grow to a record level of between 3.1 billion euros and 3.2 billion euros, which would represent year-on-year growth of between 10 percent and 15 percent.

It expects EBIT to increase to between 250 million euros and 285 million euros, representing growth of between 10 percent and 25 percent.

HUGO BOSS