German fashion house Hugo Boss on March 14 expressed confidence for business this year after turning in record sales and earnings in 2011. "Hugo Boss achieved significant increases in sales and earnings in 2011, exceeding the original expectations," said chief executive Claus-Dietrich Lahrs. "We expect to improve these record results further in 2012."
Net profit jumped 54 percent to 291 million euros ($379 million) for the full year on a 19-percent increase in sales to 2.059 billion euros, Hugo Boss said. In the fourth quarter alone, bottom-line earnings were up 59 percent at 54.8 million euros and revenues rose by 18 percent to 499 million euros. At constant exchange rates, Hugo Boss said it expected sales to grow by "up to 10 percent with all regions and distribution channels contributing to this growth."
With 50 new stores to be opened over the course of the year, capital spending would be higher. But underlying earnings were set to increase "at a slightly higher rate than sales," Hugo Boss said.
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