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Hugo Boss and Prada exceed their sales targets for 2021

Hugo Boss and Prada exceed their sales targets for 2021

The first financial results concluding 2021 are in, and Hugo Boss says it exceeded its targets, while Prada saw a jump in sales for the full year.

 

Hugo Boss reported fourth-quarter profits that helped propel the German fashion house to near-pandemic levels.

 

The company said their revenue rose 43% in 2021 to €2.786 billion, on a preliminary basis after adjusting for currency effects. This brings revenue just 1% below its 2019 result of 2.884 billion euros. Fourth-quarter sales were 906 million euros, up 55% from a year earlier, the retailer said.

 

The company had raised its outlook in October, forecasting sales growth of about 40 percent at constant exchange rates, driven by strong demand in Europe and the Americas. Operating profit (EBIT) for 2021 is now estimated at 228 million euros. In October, it had been raised to 175 million to 200 million euros, compared to a previous forecast of 125 million to 175 million euros.

 

At Prada, sales rebounded strongly in 2021, as pent-up demand for handbags and luxury apparel helped lift revenues above pre-pandemic levels. The company said group sales last year rose 41 percent in constant currency to €3.364 billion, 8 percent above 2019 levels.

 

In November, Prada had set a medium-term sales target of €4.5 billion and the figure for 2021 was above an estimate of €3.28 billion in an analyst consensus cited by UBS. The group said sales accelerated particularly in the second half of last year thanks to its store network, which grew 27 percent over 2020 and 21 percent over 2019, including e-commerce.

 

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Core net profit also showed a “significant increase” in the second half of 2021, while the group had a “strong net financial surplus” at the end of 2021, it added.

 

 

Read also > FERRARI, HUGO BOSS, ESTÉE LAUDER : CONVINCING RESULTS

 

Featured photo : © Boss

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