Hugo Boss AG, the German luxury fashion company, announced a first-quarter net income of 38 million euros, an increase of 9% from the previous year's 35 million euros. This income is credited to the company's equity holders.
The earnings per share also rose by 9%, from 0.50 euro to 0.55 euro compared to the same period last year.
The company's operating result (EBIT) experienced a 6% increase of 4 million euros, from 65 million euros to 69 million euros. Consequently, this led to a rise of 10 basis points in the Group's EBIT margin to 6.8%.
In the quarter under review, the Group's sales hit 1.01 billion euros, an increase of 5% from last year when it was 968 million euros. On an adjusted-for-currency basis, the sales growth was 6%, attributing this improvement to great performances across all distribution channels, regions and both brands.
Hugo Boss maintains its projections for the fiscal 2024. It expects a rise in Group sales of somewhere between 3% and 6%, equating to an estimated 4.30 billion euros to 4.45 billion euros, up from the previous year’s 4.2 billion euros.
Regarding the EBIT for the year, it is projected to increase between 5% and 15%, approximating to 430 million euros to 475 million euros. This forecast is an increase from the previous year's 410 million euros. The EBIT margin is also expected to experience growth to a level between 10% and 10.7% in 2024, which is higher than the previous year's 9.8%.
