🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

Hugo Boss falls as profit at UK arm slashed

Published 2024/09/23, 11:52
© Reuters.
BOSSn
-

Investing.com -- Shares of Hugo Boss (ETR:BOSSn) were down on Monday after the company saw its UK arms profits nearly halved in 2023. Pre-tax profits dropped to £16.8 million, down from £30.4 million in 2022, according to recently submitted financial statements.

At 5:50 a.m. (0950 GMT) Hugo Boss was trading 4.4% lower at €36.130.

Turnover for the year also declined, falling from £402.4 million in 2022 to £391.6 million in 2023. The wholesale division reported a drop, with turnover falling from £143.7 million to £131.5 million. 

Retail sales slipped slightly from £206.9 million to £204.2 million, while online revenue showed a marginal increase, moving from £55.7 million to £55.9 million.

Hugo Boss UK's operating profit fell 39% to £19.7 million, while overall profit for the year was cut by half, landing at £12.3 million.

In the same period, the workforce expanded, with employee numbers rising from 1,146 to 1,319. Despite the profit drop, the company issued a higher dividend of £26.9 million, up from £16.3 million in 2022.

The UK results come as the broader Hugo Boss group posted record global sales, with a currency-adjusted revenue increase of 18%, reaching €4.2 billion in 2023. 

Earnings before income tax climbed by 22%, reaching €410 million.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.