Hugo Boss shares slump as Q4 earnings miss forecasts
Hugo Boss Ag Na O.N.
€39.23
16:45 21/11/24
-1.92%
-€0.77
Shares in Hugo Boss plunged on Tuesday as the German fashion brand’s fourth-quarter earnings missed expectations, despite a sharp rise in sales.
Earnings before interest and tax in the final three months came in at €121m, below expectations of €129m. Sales were up 13% to €1.18bn billion euros, with a 33% surge in Asia-Pacific revenues providing a boost.
Full-year sales hit €4.2bn, up from €3.65bn a year earlier and compared with estimates of €4.19bn.
The company is ploughing millions into a project to improve online sales, expand a warehouse and upgrade its headquarters.
Annual operating profit, or EBIT, was €410m, in the middle of the company's own range of €400m – 420m.
Reporting by Frank Prenesti for Sharecast.com