Thanks to the remarkable recovery in global business, HUGO BOSS AG was able to increase sales and profits from the pre-pandemic level for the first time in the third quarter of 2021 and raised its forecast for this year.
On a preliminary basis, consolidated sales for the quarter increased 40 percent after adjusting for currency effects, the company announced. In group currency, sales in the three-month period rose 42 percent to €755 million.
Compared to the third quarter of 2019, sales increased 7 percent after currency effects adjustment, thanks in particular to business in Europe and America.
On a pro forma basis, HUGO BOSS generated an operating profit of €85 million in the quarter, after €15 million in the previous year. Compared to the pre-pandemic level, EBIT increased by 3%.
In light of the good quarter, the fashion group raised its forecast for the current year. The company now expects it will be able to increase consolidated sales by about 40 percent after adjusting for currency effects in 2021. Previous forecasts had forecast an increase of 30 to 35 percent from 1.946 billion euros the previous year. EBIT should now be €175-200 million in 2021 instead of €125-175 million.
Frankfurt (Dow Jones)
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