Hugo Boss confirms 2023 sales crossed 4 billion euros

As announced in January 2024, Hugo Boss Group sales in fiscal year 2023 increased by 18 percent on a currency-adjusted basis. In group currency, sales grew by 15 percent to 4.1 billion euros.

For the first time in the history of Hugo Boss, the company said in a statement, sales crossed the 4 billion euros threshold, exceeding its initial mid-term sales target two years ahead of plan.

In order to ensure continuity and long-term business success, yesterday the company’s supervisory board announced the early renewal of CEO and managing board chairman Daniel Grieder and his team’s contract until December 2028.

Commenting on the strong results, Daniel Grieder, chief executive officer of Hugo Boss said: “The second full year of executing our ‘Claim 5’ growth strategy was characterised by strong achievements across all business areas and has accelerated the momentum of our two brands Boss and Hugo.”

Hugo Boss benefits from ‘Claim 5’ strategy

The company’s operating profit (EBIT) increased by 22 percent to 410 million euros. As a result, the company added that the group's EBIT margin increased by 60 basis points to 9.8 percent.

In fiscal year 2024, the company expects sales in reporting currency to increase within a range of 3 percent to 6 percent to around 4.30 billion euros to 4.45 billion euros.

Against the backdrop of the ongoing macroeconomic and geopolitical uncertainties, the company expects its 2025 sales ambition of 5 billion euros to be slightly delayed.

Hugo Boss reaffirms financial targets

Hugo Boss reconfirms its ambition of improving its EBIT margin to a level of at least 12 percent by 2025.

For the current fiscal year, the company expects EBIT to grow between 5 percent and 15 percent to around 430 million euros to 475 million euros. Consequently, the EBIT margin is forecast to increase between 10 percent and 10.7 percent in 2024.

In light of the company’s strong operational and financial performance in 2023, the solid financial position, and management’s confidence in the long-term growth opportunities, the managing board and supervisory board intend to propose a dividend of 1.35 euros per share for fiscal year 2023. This corresponds to an increase of 35 percent year over year.