BERLIN – Based on stronger than expected results in the third quarter, Hugo Boss is raising its financial outlook for the full year.
The German apparel group is now forecasting net sales growth of 5 percent on a currency adjusted basis, as opposed to 3-5 percent, while earnings before interest, taxes, depreciation and amortization (EBITDA) are projected to grow about 20 percent, up from 10-12 percent.
Releasing preliminary figures, Boss said EBITDA before special items surged 42 percent to 150 million euros, or $192.5 million, in the third quarter. Dollar figures are converted from the euro at an average exchange rate for the period.
Group sales for the third quarter reached 538 million euros, or $690.5 million, a currency-adjusted gain of 14 percent. Boss attributed the performance to comparable store sales growth, retail expansion and the first-time consolidation of its joint venture with the Rainbow Group in China.
Final figures for the quarter and the first nine months will be released on Nov. 2.