Hugo Boss : Cautious 2024 outlook triggers target price cut, Outperform rating unchanged
>Single-digit revenue growth but higher profitability in 2024 - Last week, Hugo Boss released final FY 2023 results in line with the prelims released in January. In Q4 2023, sales increased 13% y-o-y excluding FX to € 1,177m. Regions: EMEA +7% driven by Germany and France, Americas +18% and Asia +33%. Channels: retail +12%, wholesale +5% and digital +26%. EBIT came to € 121m. Management also gave the first outlook for FY 2024: Hugo Boss expects 3-6% revenue growth i...HUGO BOSS Group is engaged in the global apparel market. The Group, which is based in Metzingen Germany employs almost 12,500 people, generated annual sales of EUR 2.4 billion in fiscal year 2013 and is an apparel manufacturer. The Group focuses on developing and marketing high-end women's and men's fashion and accessories. With its brand including the BOSS core brand, the lines BOSS Orange, BOSS Green and the progressive brand HUGO, Co. targets different, consumer groups. The brands consists of modern business wear, evening wear and sportswear, shoes and leather accessories as well as licensed fragrances, eyewear, watches, children's fashion, home textiles and mobile accessories.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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