Hugo Boss has reported impressive sales growth in the first quarter, with group sales increasing by 25% to reach €968 million. This growth was seen across all brands, regions, and channels. Additionally, the company’s EBIT experienced a significant jump of 63% to €65 million in Q1. As a result of this strong performance, Hugo Boss has raised its outlook for the year, expecting sales to grow by around 10% and reach €4 billion. EBITDA is also projected to increase between 10% and 20% to a range of €370 million-€400 million.

CEO Daniel Grieder expressed his satisfaction with the company’s strong start to the year and stated that he is confident in its continued success. In fact, Hugo Boss aims to achieve its mid-term sales target of €4 billion already this year, surpassing expectations.

The company attributes its strong performance to its growth strategy, known as CLAIM 5, which provided significant support throughout the quarter. The relaunched Boss and Hugo brands garnered positive responses from consumers and wholesale partners worldwide, aided by global brand campaigns and key fashion events.

Hugo Boss experienced double-digit growth in currency-adjusted sales for Boss Menswear, Boss Womenswear, and Hugo. The EMEA region saw a 21% increase in currency-adjusted revenues, with notable growth in key markets such as Germany and France. The Americas and Asia/Pacific regions also achieved double-digit growth, with the US and China performing particularly well.

The company’s digital business also thrived, with a 22% increase in currency-adjusted sales across all digital touchpoints. The relaunch of the hugoboss.com app in February contributed to the noticeable growth in revenues generated through the digital flagship store. Physical stores and wholesale channels also saw strong increases in revenue.

Despite ongoing investments, Hugo Boss managed to achieve a 63% increase in EBIT, with an EBIT margin of 6.7%. The company’s new outlook of 10%-20% EBIT growth for the year exceeds its previous forecast of 5%-12%.

Overall, Hugo Boss’s strong performance in the first quarter sets a promising foundation for continued success throughout the year. The company’s focus on brand momentum, global campaigns, and digital innovation will be key factors in achieving its ambitious sales targets.

Useful Links:
1. Hugo Boss Official Website
2. Reuters Article on Hugo Boss’s Q1 Performance