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Hugo Boss sees 2023 sales growth in mid single digits

Hugo Boss AG

said Thursday that it will maintain its focus on developing its brands to support revenue and earnings growth in the year ahead, and will substantially raise its dividend for 2022 after exceeding its targets.

The German premium-fashion firm said it expects sales growth in the mid-single digits of percent in 2023, along with 5%-12% growth in its operating and net profit. Sales growth should be highest, reaching the teens, in Asia-Pacific, Hugo Boss said.

The group confirmed preliminary results, released in January, showing a 27% organic rise in sales to 3.65 billion euros ($3.85 billion), and earnings before interest and taxes that rose by nearly half to EUR335 million. The operating margin rose 1 percentage point to 9.2%, reflecting efficiency gains in the group’s store network.

Net profit rose 53% to EUR209 million, Hugo Boss said.

The results, which topped company guidance, came amid a strategy of investment in the group’s brands, Chief Executive Daniel Grieder said. “In 2023, we will work relentlessly to further drive top and bottom-line growth,” he said, with investment to be balanced by further efficiency gains.

The company will proposes a dividend of EUR1 a share, rising from 70 cents previously.

Write to Joshua Kirby at [email protected]; @joshualeokirby

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