German luxury fashion brand Hugo Boss reported Thursday that its first-quarter net income attributable to equity holders of the parent company grew 9% to €38 million ($40 million) from last year's €35 million.
Earnings per share were 0.55 euro, up 9% from €0.50 a year ago.
Operating result or EBIT was €69 million, 6% above the prior-year level of €65 million. As a result, the Group's EBIT margin increased 10 basis points to 6.8%.
Group sales in the three-month period amounted to €1.01 billion, 5% higher than last year's €968 million. Sales growth was 6% on a currency-adjusted basis, with revenue improvements across both brands, all regions, and all distribution channels.
Looking ahead for fiscal 2024, Hugo Boss continues to expect Group sales to increase within a range of 3% to 6% to a level of around €4.30 billion to €4.45 billion from last year's €4.2 billion.
EBIT for the year is still expected to grow between 5% and 15% to around €430 million to €475 million, compared to prior year's €410 million.
The company continues to expect EBIT margin to increase to a level of between 10% and 10.7% in 2024, compared to 9.8% a year ago.
