Metzingen, Germany, May 2, 2024 (Reuters) – German fashion brand Hugo Boss reported solid results for the first quarter of 2024, with growth in both net profit and sales across all regions. The company remains optimistic about its full-year performance and expects growth in the range of 3 to 6%.
Key figures for Hugo Boss’s first quarter of 2024:
- Net profit rose 9% to 38 million euros.
- Earnings before interest and taxes (EBIT) increased 6% to 69 million euros.
- Sales reached 1.01 billion euros, a 5% increase.
- Growth in the Americas was 11%, but at a slower pace than in the fourth quarter of 2023.
- Sales declined in China and the UK.
- The company expects full-year sales growth of 3 to 6% and EBIT growth of 5 to 15%.
While Hugo Boss saw sales declines in China and the UK, the overall growth in the first quarter is encouraging. The company expects strong demand in the Americas and other regions to offset the weak spots and lead to the achievement of its full-year targets.
In addition to its financial results, Hugo Boss is also focusing on sustainability. The company has committed to achieving carbon neutrality by 2030 and is taking steps to reduce its environmental impact.
Overall, Hugo Boss is in good shape and is well on its way to a successful year in 2024.
#hugoboss #fashion #business #economics #investing #sustainability
