Hugo Boss revealed stellar Q4 results, showcasing the remarkable success of its revitalized brands throughout 2023. The company’s strategic initiatives and strong market position contributed to robust performance.
In Q4, currency-adjusted group sales experienced a notable 13% surge, reaching €1.177 billion. Preliminary figures highlighted a 17% increase in profit on an EBIT basis, totaling €121 million.
The annual results were even more impressive, with a remarkable 18% increase in sales to a record €4.197 billion. EBIT jumped by 22%, reaching €410 million. Final results are scheduled for release on March 7.
CEO Daniel Grieder expressed optimism, citing a record year for Hugo Boss. Despite a challenging global market environment, the company achieved double-digit improvements in both top- and bottom-line figures in the crucial final quarter.
Q4 witnessed substantial growth across all regions, with a noteworthy 18% currency-adjusted sales increase in the Americas. In EMEA, revenues surpassed the prior year by 7%, driven by solid sales increases in key markets such as Germany and France. Asia/Pacific experienced an outstanding 33% surge, fueled by strong double-digit sales improvements in China and South East Asia & Pacific.
Hugo Boss reported robust growth in both physical retail and digital business. The digital business sustained its double-digit growth trajectory, achieving a 26% currency-adjusted revenue growth. Physical store revenues also rose by 12%, driven by productivity improvements and expanded selling space.
Success extended to wholesale, with a 5% year-on-year increase in currency-adjusted revenues. The license business recorded a notable 15% increase, particularly in the fragrance sector.
These achievements mark a significant milestone towards Hugo Boss’s 2025 financial aims, set after a mid-2023 reassessment. The company aims to achieve revenues of €5 billion and an EBIT of at least €600 million by 2025, representing an EBIT margin of at least 12%. The success reflects the ongoing execution of the ‘CLAIM 5’ growth strategy, positioning Hugo Boss as a leading global brand in the competitive market.
