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Hugo Boss exceeds 2021 sales target after strong Q4

·1 min read
FILE PHOTO: Ukraine lifts coronavirus lockdown

BERLIN (Reuters) - Hugo Boss said on Tuesday that it had exceeded its full year sales targets after fourth quarter earnings helped propel the German fashion house back to nearly pre-pandemic levels.

The company said revenue rose 43% in 2021 to 2.786 billion euros ($3.17 billion), on a preliminary basis after adjusting for currency effects. That brings revenue to only 1% below its 2019 result of 2.884 billion euros.

The company had raised its outlook in October, predicting sales to grow by about 40% on a currency-adjusted level, on the back of strong demand in Europe and the Americas.

Operating profit (EBIT) for 2021 is now seen at 228 million euros. In October, it was raised to 175 million to 200 million euros, compared with a previous forecast for 125 million to 175 million euros.

Fourth-quarter sales stood at 906 million euros, up 55% from the year before, Hugo Boss said.

The full balance sheet will be published on March 10.

($1 = 0.8777 euros)

(Reporting by Miranda Murray; Editing by Madeline Chambers)

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