Hugo Boss’ brick-and-mortar revenues increased by 17% in Q2 FY23 compared to the prior year. Credit: Jules D/Unsplash.

Hugo Boss has reported strong performance in the second quarter (Q2) of fiscal year (FY) 2023, driven by double-digit growth across brands, regions, and channels.

The company’s sales for the quarter were €1.02bn ($1.11bn), up 20% and 17% on currency-adjusted and group currency basis, respectively.

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Regionally, sales in Europe, the Middle East and Africa (EMEA) increased by 15%. In the Americas and Asia/Pacific regions, currency-adjusted sales rose by 20% and 41%, respectively.

Revenues of the retailer’s digital business increased by 30% currency-adjusted in Q2 FY23 compared to the prior-year level, and revenues of Hugo Boss’ brick-and-mortar channel grew 17% compared to Q2 FY22.

Driven by robust top-line momentum, Hugo Boss’ earnings before interest and taxes (EBIT) increased by 21% to €121m in Q2 FY23, compared to €100m in the prior year’s quarter.

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Its EBIT margin for the quarter rose by 40 basis points (bps) to 11.8% in Q2 FY23.

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Hugo Boss chief executive officer Daniel Grieder said: “After our highly dynamic start to the year, we continued our strong performance also in the second quarter. Momentum once again exceeded our own high expectations, despite the overall challenging and uncertain market environment.

“Following our strategy update in June, both brands BOSS and HUGO successfully maintained their growth trajectory. We will make 2023 a new record year for Hugo Boss, thus providing a robust foundation for achieving our updated 2025 financial ambition.”

For the full year of 2023, Hugo Boss expects sales to increase between 12% and 15% to between €4.1bn and €4.2bn.

The company also anticipates that its EBIT will grow between 20% and 25%, a level of between €400m and €420m, in 2023.