Hugo Boss on Thursday forecast operating profit for 2024 below market expectations, as it flagged persistently weak consumer confidence, in particular in distinct European economies. The German fashion house estimates earnings before interest and taxes (EBIT) of 430 million to 475 million euros, below analysts' estimate of 490 million euros ($534.1 million) in a company-provided poll. However, unfavourable currency effects coupled with an increasingly promotional market dampened margin improvement at the end of 2023, the company said. Hugo Boss forecast sales growth of between 3% and 6% in 2024 to around 4.30 billion to 4.45 billion euros, also below an estimate of 4.56 billion euros in a company-provided poll, and a marked slowdown compared to a 18% rise in sales in 2023. The company confirmed its preliminary figure for an operating profit of 410 million euros in 2023.

Source: The Star March 07, 2024 15:14 UTC