Good news for Hugo Boss: The fashion group closed the quarter better than expected.
Metzingen – Of the Fashion company After a successful quarter, Hugo Boss is more optimistic about the year as a whole.
In 2021, currency-adjusted sales are expected to be 40 percent higher than in the previous year, the company announced on Thursday evening.
Hugo Boss had previously assumed an increase of 30 to 35 percent. Earnings before interest and taxes (EBIT) should now be between 175 and 200 million euros (previously: 125-175). In 2020, Hugo Boss had earned 1.9 billion euros and posted a minus of 236 million euros in EBIT.
In the third quarter, according to preliminary figures, “thanks to the further noticeable recovery in global business”, currency-adjusted sales rose by 42 percent to 755 million euros.
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The EBIT was 85 million euros (previous year: 15). This was the first time that sales and profits had increased at the pre-pandemic level, the statement said. Analysts had expected significantly less for both indicators.
The news was well received on the stock exchange. The Hugo Boss share price rose on the Tradegate trading platform in an initial reaction compared to the Xetra close by almost three percent.