Berlin, July 14, (dpa/GNA) - German luxury fashion brand Hugo Boss raised its outlook for the current fiscal year after posting an impressive 40% increase in its preliminary revenue for the second quarter, jumping from last year’s €629 million ($630 million) to €878 million.
Currency-adjusted group sales for the second quarter increased 34% compared to the same period last year. The quarterly operating profit was €100 million, significantly above last year’s €42 million.
The development mainly reflected strong group sales as well as noticeable improvements in gross margin driven by an overall higher share of full-price sales.
The company now forecasts group sales in the fiscal year 2022 to increase between 20% and 25% to a new level of between €3.3 billion and €3.5 billion. Previously, it expected annual group sales to increase between 10% and 15% to a level of between €3.1 billion and €3.2 billion.
Earnings before interest and taxes (EBIT) in 2022 is now expected to increase between 25% and 35% to a level of between €285 million and €310 million. Previously, the company projected annual EBIT to increase by between 10% to 25% to between €250 million and €285 million.
The company is due to publish its full second quarter 2022 results on August 3.
GNA