
Sales of the fashion group grew 19 percent; operating profit climbed by 34 percent. The reason: a strong Christmas season.
Hugo by Hugo Boss F/W 2012
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Germany's largest fashion house, Hugo Boss AG, said that despite the sluggish economy, it achieved record results last year. Its luxury sector competitors, such as Tommy Hilfiger, Ralph Lauren and Burberry, also benefited from strong Christmas sales. Boss said it expected momentum to continue into 2012.
Boss's 2011 operating profit (EBITDA) without taking into account of special items increased 34 percent to 469 million euros, the company said in a statement. Analysts had expected 444 million euros in profit. Revenue reached 2.06 billion euros, which was 19 percent more than the year before, and was also above analysts' expectations. The net profit jumped by 53 percent to 284 million euros.
The Christmas shopping season is critical for luxury retailiers and sometimes accounts for as much as a quarter of their annual sales.
Boss CEO Claus-Dietrich Lahrs said he thinks the growth trend will continue.
"The year 2012 has started well for us," said Lahrs said.
Despite economic uncertainities going forward, Lahrs said he hopes to reach three billion euros in revenue and an operating profit of 750 million euro in profit by 2015.