Shares of Hugo Boss AG (HUGSF.PK) were gaining around 3 percent in the early morning trading after the German luxury fashion brand reported Tuesday higher sales in its fourth quarter.
Looking ahead, Mark Langer, Chief Executive Officer of HUGO BOSS, said, “We are convinced to grow sustainably and profitably in 2019 and beyond. The new year will entirely be focused on the execution of our business plan until 2022.”
Fourth-quarter Group sales, on a preliminary basis, grew 7% to 783 million euros from last year’s 735 million euros. Sales increased 6% in local currencies.
Both own retail business and the wholesale business recorded significant growth. Adjusted for currency effects, sales in the Group’s own retail business grew 4% both on a comp store basis and in total, despite the prior year’s high comparison basis.
Currency-adjusted comp store sales in own retail business in Europe and in the Americas grew at a mid-single digit and low single digit rate, respectively.
The company’s own online business climbed 37% currency-adjusted in the fourth quarter, thus at a solid double-digit rate for the fifth consecutive quarter. Sales in the wholesale business increased 15% in local currencies.
Hugo Boss will publish its final results for 2018 and its financial outlook for the new fiscal year on March 7. On the day before, the Supervisory Board will resolve upon the dividend proposal for fiscal year 2018.
In Germany, Hugo Boss shares were trading at 59.84 euros, up 3.07 percent.