German fashion house Hugo Boss has announced its preliminary full-year sales and earnings for 2022, surpassing its own expectations with a double-digit increase. The company attributed its success to strong demand following a brand revamp the previous year.

Currency-adjusted sales reached a record high of €3.65 billion ($3.95 billion), reflecting a 27% increase. Furthermore, operating profit (EBIT) rose by 47% to €335 million. Hugo Boss had initially projected sales between €3.5 billion and €3.6 billion, with an expected increase in EBIT ranging from 35% to 45%.

The preliminary results have exceeded market expectations, with investors already anticipating a positive outcome. However, this may not lead to further strength in the company’s shares on the day of the announcement, as the stock experienced a 0.5% drop during early trading in Frankfurt.

On March 9, Hugo Boss is set to publish its final results for 2022, along with its outlook for 2023. These results will be closely monitored by industry insiders, as they will shed light on the overall health of the luxury fashion sector.

Useful links:
1. Hugo Boss official website
2. J.P. Morgan website