The Germany company predicts it will hit its 4 billion euro sales target two years ahead of schedule.
Despite some concerns about consumer sentiment, macroeconomic headwinds and ongoing geo-political uncertainties, the company has not seen any slowdown in demand at the beginning of the second quarter either, Hugo Boss executives said.
Instead, EBIT for the first quarter totaled 65 million euros. Hugo Boss also increased its outlook for EBIT in 2023, with the company now predicting this would grow somewhere between 10 and 20 percent over the course of this year, landing between 370 million and 400 million euros. Previously Hugo Boss had only expected EBIT to grow between 5 and 12 percent.
As a result of the increased marketing effort, operating expenses rose by 21 percent in the first quarter to 529 million euros, with the costs of selling and marketing increasing to 414 million euros and administrative costs adding another 114 million euros. But the company’s current success is not just due to its marketing efforts, Müller told WWD. “We have also invested in our product quality – particularly in the womenswear – and I believe one of the pillars of our success is our price-value proposition.”
The biggest increase in Hugo Boss’ Q1 income came in the Americas, where sales rose 38 percent, currency adjusted, to bring in 195 million euros.
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