Hugo Boss AG raised its 2021 targets as its third-quarter sales and earnings exceeded pre-pandemic levels and market expectations, the company said Thursday, citing preliminary results.
The German premium-apparel maker said it was revising up its outlook and now expects sales adjusted for currency to rise by roughly 40% this year, which compares to a previous forecast of a growth of between 30% and 35%. Its earnings before interest and taxes should now come between 175 million and 200 million euros for the year, it said. Hugo Boss previously said it was expecting EBIT between EUR125 million and EUR175 million.
The new guidance comes after the company recorded strong growth in its third quarter, including currency-adjusted sales of EUR755 million, up 40% on year and 7% higher compared with 2019. EBIT came in at EUR85 million for the July-September period, up from EUR15 million the previous year and 3% higher compared with the same period in 2019 when the pandemic hadn't hit activities yet.Full third-quarter results will be released on Nov. 4, Hugo Boss said.
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