German fashion brand Hugo Boss has managed to reach its targets for 2017, partially thanks to strong fourth quarter growth. For its full fiscal year, turnover grew 3 % (excluding exchange rate fluctuations).
Store network performed well
The company’s fourth quarter turnover grew 5 % to 735 million euro: European turnover remained relatively stable, but American and Asian turnover achieved 11 and 10 % turnover increases respectively. The company's positive results came courtesy of its own store network’s strong performance, up 9 % to 514 million euro. Wholesale had to deal with a 3 % setback, but that was entirely in line with the group’s expectations.
Its full fiscal year resulted in a 3 % turnover increase to 2.733 billion euro, with Asia as the main engine for growth. There was a similar trend visible in its divisions, with its own store network and eCommerce surging ahead and its wholesale sales slumping. “We have reached our targets for 2017, with a very satisfying fourth quarter”, CEO Mark Langer said. “Our own store network’s strong growth shows we are on the right path with the alterations we are making to our collections and stores. We hope to continue this momentum into 2018.”