Hugo Boss Records Strong Business Performance in Q4 – Raised Targets for Full Year 2023 Successfully Achieved


The double-digit top- and bottom-line improvements in the important final quarter are all the more remarkable

Q4 2023

  • Currency-adjusted Group sales grow 13% to EUR 1,177 million
  • All brands, regions, and channels contribute to sales growth in Q4
  • EBIT increases 17% to EUR 121 million on a preliminary basis

Fiscal year 2023

  • Currency-adjusted sales up 18% to a record level of EUR 4,197 million
  • EBIT increases 22% to EUR 410 million on a preliminary basis
  • Final results and FY 2024 outlook to be published on March 7

We ended 2023 on a high note, making it a record year for HUGO BOSS, says Daniel Grieder, Chief Executive Officer of HUGO BOSS. The double-digit top- and bottom-line improvements in the important final quarter are all the more remarkable considering the current challenging global market environment. With our strong brand momentum and the ongoing successful execution of our CLAIM 5 strategy, we have laid a robust foundation for continuing our market-share-winning trajectory and making further progress in becoming one of the top 100 global brands.

HUGO BOSS looks back on a very successful fourth quarter, building on the strong business performance of the first nine months of 2023. In doing so, the Company continued its broad-based growth trajectory across both brands, all regions, and all channels. This performance first and foremost reflects the ongoing strong brand momentum of BOSS and HUGO, fueled by the successful execution of several marketing, product, and distribution initiatives as part of the Companys CLAIM 5 growth strategy. On a preliminary basis, currency-adjusted revenues in the fourth quarter grew by 13% compared to the prior-year period. In reporting currency, sales increased by 10% year over year to EUR 1,177 million (Q4 2022: EUR 1,068 million), making the final quarter of 2023 the most successful one in HUGO BOSS history from a top-line perspective.

Brand momentum drives double-digit improvements at BOSS and HUGO
In the fourth quarter, brand momentum was fueled by several brand initiatives implemented over the course of 2023, including the successful launch of the Fall/Winter 2023 collections. Building on the enhanced relevance of BOSS and HUGO, both brands continued their double-digit growth trajectories, thus further expanding market shares worldwide. In the three-month period, currency-adjusted sales for BOSS Menswear were up 13% year over year, while revenues for BOSS Womenswear and for HUGO expanded by 14% each.

Robust growth across all regions with particular strength in the Americas
From a geographical perspective, all regions contributed to revenue growth in the final quarter of 2023. Currency-adjusted revenues in EMEA came in 7% above the prior-year level against a particularly strong comparison base, reflecting solid sales increases in key markets such as Germany and France as well as double-digit improvements in emerging markets. In the Americas, HUGO BOSS maintained its stellar momentum from previous quarters. Consequently, sales increased 18% currency-adjusted in the three-month period, supported by ongoing double-digit growth in the important U.S. market. Revenues in Asia/Pacific increased by 33% currency-adjusted, reflecting strong double-digit sales improvements in both China and South East Asia & Pacific.

Momentum in brick-and-mortar retail and digital business continues
The Groups digital business successfully continued its double-digit growth trajectory from previous quarters, with currency-adjusted revenue growth of 26%. This performance was driven by double-digit sales increases across all digital touchpoints, including the Groups digital flagship and digital revenues generated with partners. Also in brick-and-mortar retail, momentum continued in the final quarter. Currency-adjusted revenues were up 12% compared to the prior year, driven by both store productivity improvements as well as additional selling space. In brick-and-mortar wholesale, currency-adjusted revenues were up 5% year over year, with all three regions contributing to growth. Sales in the license business increased by 15%, led by double-digit growth in the important fragrance business.

2023 marks record year for HUGO BOSS
In light of the robust performance during the fourth quarter, HUGO BOSS achieved its full-year 2023 sales and earnings targets, which had been revised upwards twice during the year. On a preliminary, non-audited basis, HUGO BOSS achieved record sales of EUR 4,197 million in fiscal year 2023, reflecting robust growth of 15% in reporting currency (2022: EUR 3,651 million). Sales thus came in at the upper end of the Companys most recent guidance range (guidance: increase between 12% and 15% to EUR 4.1 billion to EUR 4.2 billion). On a currency-adjusted basis, this translates into an increase of 18%. This performance was driven by the rigorous execution of the Companys CLAIM 5 strategy, thus enabling HUGO BOSS to once more strongly outgrow the global premium apparel market. In doing so, the Company gained further market shares and exceeded its initial 2025 sales target of EUR 4 billion two years ahead of plan.

At the same time, HUGO BOSS recorded strong bottom-line improvements in fiscal year 2023, with the robust top-line performance more than compensating for further investments into the business as part of CLAIM 5. Subject to the completion of year-end closing procedures, the Group expects the operating profit (EBIT) to increase by 22% to an amount of EUR 410 million for full year 2023 (2022: EUR 335 million), thus fully in line with the Companys most recent guidance range (guidance: increase between 20% and 25% to EUR 400 million to EUR 420 million). The fourth quarter is anticipated to contribute an EBIT of EUR 121 million, up 17% year over year (2022: EUR 104 million). As a result, the EBIT margin for full year 2023 is expected to increase to a level of 9.8% (2022: 9.2%).

Fiscal year 2023 thus marked another important milestone for HUGO BOSS towards achieving its 2025 financial ambition, which the Company raised in mid-2023. By 2025, HUGO BOSS aims at generating revenues of EUR 5 billion and an EBIT of at least EUR 600 million, representing an EBIT margin of at least 12%.

HUGO BOSS will publish its final results for 2023 and its financial outlook for the fiscal year 2024 on March 7, 2024.

New Records Set at Ladi Kwali & the Art of Clay Sale

London – WEBWIRE


Ladi Kwali & The Art of Clay

16 Feb – 2 Mar 2023

London, New Bond Street

Ladi Kwali

(Nigerian, circa 1925-1984)

Vessel 51.5 x 39 x 39cm (20 1/4 x 15 3/8 x 15 3/8in).

There were impressive results for the Bonhams sale celebrating the Abuja Pottery Training Centre and the work of black women ceramicists, Abuja! Ladi Kwali & The Art of Clay, which ran from 16 February to 2 March on The top lot, Vessel by Ladi Kwali, sold for 28,020, against a pre-sale estimate of 10,000-15,000.

Vessel by Lami Toto achieved 11,475 against a pre-sale estimate of 5,000 – 8,000, whilst Water Vessel by Asibi Ido sold for 14,025, against a presale estimate of 4,000-6,000. Both were new auction records for the artists. Two tankards by Ladi Kwali sold individually for 4,845 each, both against pre-sale estimates of 600-900 setting new world records for the pieces.

Helene Love-Allotey, Bonhams Head of Sale, said: Abuja pottery is finally gaining more appreciation from collectors and museums, after long being overlooked. We are delighted with the results of this specially curated online sale, and to have shone a light not just on Ladi Kawi, but also on other wonderful black women ceramicists setting new world records in the process.

The Abuja Pottery Training Centre in Suleja (formerly called Abuja) was set up by British potter Michael Cardew in the 1950s. Students specialised in specific types of ceramicware, often mixing local Gwari pottery hand-building techniques, traditional shapes and decorations with Western pottery motifs.

Dr Jareh Das, curator of the recent Body Vessel Clay: Black Women, Ceramics and Contemporary Art exhibition at Two Temple Place London, commented: Ladi Kwalis vessels are her most famous and celebrated work. I love their intricate designs meticulously inscribed with a variety of animal and geometric patterns. They are handbuilt in the Gwari tradition, which is passed down from mother to daughter (or aunt in Kwalis case)…

When Kwali joined Michael Cardews pottery training centre in 1954 as the first female trainee, she was introduced to modern techniques of glazing and high-temperature kiln firingtransforming once functional objects for storing water into collectable decorative works”

Leon Fuat Records Revenue of RM1.03 Billion for the FY2022

LEON FUAT BERHAD, a manufacturer and trader of steel products specialising in rolled long and flat steel, today announced that the Group reported a 15.6% increase in revenue to RM1.03 billion for the financial year ended 31 December 2022 (FY2022) compared with RM886.58 million recorded for the preceding financial year (FY2021).

Calvin Ooi Shang How, Executive Director of Leon Fuat

For the financial year under review, the Group reported a profit before tax (PBT) of RM36.92 million, a 78.6% decrease compared with RM172.85 million for the FY2021. For the FY2022, the Group registered profit after tax (PAT) of RM29.54 million, a 78.3% decrease compared with RM135.98 million for the FY2021.

The Group reported revenue of RM238.15 million for the fourth quarter ended 31 December 2022 (Q4FY2022), which is a 6.3% decrease compared with RM254.21 million reported for the corresponding quarter of the preceding financial year (Q4FY2021).

For the Q4FY2022, the Group recorded a loss before tax of RM7.49 million compared with PBT of RM38.61 million registered for the Q4FY2021 while a net loss of RM5.14 million was reported for the Q4FY2022 as compared with PAT of RM29.09 million recorded for the Q4FY2021.

For the quarter under review, the trading segment contributed 32.7% to revenue while the processing segment contributed 67.2%.

Calvin Ooi Shang How, Executive Director of Leon Fuat said, “While there was an increase in revenue for the FY2022 attributable to the increase in revenue for both the trading and processing segments of the Group, the gross profit margin decreased by approximately 14.8 percentage points compared to the FY2021 and that has had an impact on the Group’s overall gross profit (GP), which decreased 58.8% to RM91.26 million. The overall GP was also affected by inventories written down of RM12.93 million compared with RM0.37 million for the FY2021 as certain inventories were measured at its estimated net realisable value.”

“The Group will continue to expand market reach leveraging on its diversified customer base comprising small-medium enterprises (SMEs) across various industries. We remain cautious on the outlook for 2023 despite the domestic economy’s growth momentum in 2022 as exports face headwinds while the operating landscape continues to be impacted by inflationary pressure and a weak ringgit, which also affect SMEs. We will continue to take the necessary proactive measures to enhance productivity and efficiency of our operations.”

Leon Fuat Berhad: [BURSA: LEFU] ,

Topic: Press release summary

KLM Group records third-quarter profits under tough operating conditions

KLM Royal Dutch Airlines recorded operating profits of €443 million between July and September on revenues of €3.236 billion. It achieved these results under difficult operating conditions, with both customers and employees feeling the impact.

Amstelveen – WEBWIRE

The appetite for travel is as strong as ever and KLM makes it possible.

A surge in the demand for tickets in the summer saw revenues rise to 2019 levels, even though the airline operated fewer flights due to staff shortages at Schiphol security, network interventions by KLM itself in response to staffing issues, and problems in the parts supply chain that led to aircraft spending more time in the hangar. As a result, capacity in the third quarter was about 80% of that in the same period of 2019.

KLM was forced to take drastic measures to manage operations, for example restricting ticket sales to passengers departing from Schiphol and cancelling flights. The airline will continue pursuing these measures in the period ahead to improve network predictability. The essence was and remains: to ensure that every customer who books can fly.

KLM and Transavia carried a total of 9.5 million passengers in the third quarter. Cargo performed well despite having less belly capacity available, and Engineering & Maintenance (E&M) welcomed back customers. Taken together, these factors led to operating profits of €443 million in the third quarter of 2022, compared to €169 million in the same quarter of 2021. Revenues stood at €3.236 billion compared to €1.890 billion in 2021.

On the cost side, KLM faced sharp increases in the past quarter, due in part to the high oil price, inflation, supply chain shortages and costs associated with rebooking and compensating passengers affected by network interventions. Since the start of Schiphol’s security issues in April, which continued through September, direct costs alone have amounted to almost €70 million, compounded by the loss of revenue.

“The appetite for travel is as strong as ever and KLM makes it possible. These third-quarter figures are courtesy of our customers and employees, who are doing their jobs under difficult circumstances. We’ve taken a number of steps to give our customers more certainty and to lighten employee workloads and should see the effects in the period ahead. At the same time, these measures are costing KLM a great deal of money and limiting the number of flights we can operate. We hope this will improve very soon and we’re working hard to make that happen.“ 

Marjan Rintel, CEO KLM

”KLM has posted operating profits for the fifth quarter in succession. We’re seeing that customers still want to travel and that cargo flows can be maintained thanks to our network strategy, all despite rising inflation, the high oil price and the unfavourable dollar exchange rate. Given these trends and developments, we must remain focused on cost control”

Erik Swelheim, CFO KLM

MOIL Records Best Ever High Grade Production and Sales of Manganese Ore in FY’22

FY 2021-22 has been one of the best years of performance in the history of MOIL as its turnover has almost touched the highest-ever achieved so far in FY 2018-19.

Total turnover of the company has been ~ Rs. 1436 crores in FY 2021-22 (provisional) registering growth of ~22% in comparison to previous year’s turnover of Rs. 1177 crores and is marginally lower than the highest-ever achievement of Rs. 1441 crores in FY 2018-19.

Despite adverse impact of second and third wave of Covid-19 affecting the operational activities of the Company for almost two months, MOIL has recorded the above performance. High grade ore production (6.53 lakh MT) and sales (6.65 lakh MT) is also at the highest level. This performance is the result of better product planning, marketing strategy and, most important, efforts put in by employees at all levels.

MOIL has achieved production of 12.31 lakh MT in FY 2021-22 as against 11.43 lakh MT in last year, an increase of ~ 8%. Total sales at 12.12 lakh MT are almost at the same level of previous year of 12.18 lakh MT.



(Release ID: 1813272)
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