German fashion house Hugo Boss said on Tuesday it expects its revenue to grow by 30 percent to 35 percent this year as customers return to shops with the lifting of COVID-19 lockdowns.
Severely impacted by the pandemic, Hugo Boss has focused on expanding its e-commerce business as well as shifting toward casual clothing as customers switched suits and ties for tracksuits when forced to work from home.
“Despite the persisting uncertainties regarding the further development of the pandemic, Hugo Boss is confident that the company’s overall business recovery will continue in the second half of 2021”, the company said, adding that it expects earnings before interest and tax (EBIT) in 2021 of 125 million to 175 million euros.
Second-quarter earnings exceeded overall market expectations, Hugo Boss said, adding that on a preliminary basis, sales increased 129 percent to 629 million euros, while EBIT stood at 42 million euros, compared to a loss of 250 million euros in the year-earlier period.
Hugo Boss is due to publish full second-quarter results on Aug. 4.
By Arno Schuetze; Editing by Paul Simao