Hugo Boss shares fell 18% after poor forecast for the year – Kommersant
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Hugo Boss revenue in 2023 grew by 18%, to a record €4.2 billion. Earnings before interest and taxes (EBIT) increased by 22%, amounting to €410 million. The company presented such reports today, March 7.
At the same time, investors’ attention was more attracted by poor forecasts for 2024: Hugo Boss expects revenue growth to slow down significantly and range from 3% to 6% for the year. Thus, revenue for the year will range from €4.3 billion to €4.45 billion – against previously expected €4.6 billion. In addition, the company said that it most likely will not be able to achieve revenue of €5 billion in 2025. — she previously set such a goal for herself. Hugo Boss also downgraded its EBIT outlook for 2023.
Hugo Boss shares fell 18% today due to poor forecasts. This is the stock’s biggest one-day drop since 2016. The company noted that the deterioration in forecasts is due to the fact that consumer spending is negatively affected by macroeconomic and geopolitical instability, inflation, etc.
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