Hugo Boss group sales jump 27% in 2022 but sees pace slowing

German luxury fashion firm Hugo Boss on Thursday reported a big rise in earnings for 2022 but predicted the pace of sales growth would slow this year. Currency-adjusted group sales increased 27% to a record pound 3.7 billion, with the growth ‘broad-based’ and across all regions, said the fashion house, which recently rebranded into different labels appealing to different market segments, HUGO and BOSS. For the 12-month period to December 31, the company posted a net income of pound 221.858 million or pound 3.04 per share, compared with pound 144.125 million or pound 1.99 per share of 2021. Pre-tax earnings were at pound 285.295 million, higher than last year’s pound 196.874 million. The operating result stood at pound 335.419 million, versus pound 228 million a year ago. Hugo Boss intends to pay a dividend of pound 1 per share for 2022, higher than last year’s dividend of pound 0.70 per share. Looking ahead to 2023, the company expects its operating result, or EBIT, to rise by 5% to 12% to pound 350 million to pound 375 million. For the 12-month period, the group projects its sales to increase by a mid-single-digit percentage, lower than double-digits in 2022.

Source: Ghana News Agency