The German high-end fashion group exceeded market expectations for third-quarter sales and operating profits. However, it maintained its cautious annual forecasts, much to the dismay of investors.
Hugo Boss did slightly better than expected in the third quarter of 2024. But its cautious full-year forecasts put a damper on investors.
Quarterly sales rose very slightly at constant exchange rates (+0.2%) to 1.029 billion euros, compared with 1.027 billion euros the previous year. While the market was expecting very slightly less (1.023 billion euros), the Group thus returned to growth, following a 1.1% decline in the previous quarter.
Improved cost efficiency
On the other hand, quarterly net income fell to €55 millionfrom €63 million in the third quarter of 2023, or €0.79 per share compared with €0.91 in the previous quarter. Operating profit, meanwhile, fell by 7% year-on-year to €95 million. Thanks to “the company’s focus on improving cost efficiency”, however, the Group did better than analysts were expecting (€90 million)…
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Read also > Hugo Boss revises its annual targets in the face of a deteriorating economic environment
Featured Photos: © Hugo Boss
