Hugo Boss accelerates in the last quarter (+4%) and closes a good 2019: over 2.8 billion in sales (+ 3%). China and online are the drivers of growth. The surprise is the positive trend in Europe.
In the fourth quarter of 2019, sales of Hugo Boss increased by 4% at constant exchange rates, reaching 825 million euros. Analysts predicted 805 million euros. The brilliant result was achieved thanks to the increase in sales in Europe (+8%), driven by the double-digit growth of Great Britain and France. In Asia (+4%), the double-digit increase in sales recorded in China has more than offset the expected drop in Hong Kong. Bad for America: -7%. Sales growth on the proprietary digital channel, net of currency effects, was 52%.
“We have seen an encouraging fourth quarter. Thanks to a strong increase in turnover and profits – comments Mark Langer, CEO of Hugo Boss – we have achieved our correct objectives for the fiscal year 2019. I am particularly satisfied with the progress made by our strategic growth drivers online and in China”.
Improve 2019 goals
For the entire year 2019, the German company reported sales of 2.884 billion euros, with a 3% increase at current exchange rates and +2% at constant exchange rates. The group expects that operating result (EBIT) for 2019 will be of 333 million euros, with a 4% drop compared to 2018. The leap recorded in the last quarter of the year has largely contributed to improving the result of the first nine months.