by Melissa Drier
Posted Tuesday March 29, 2011
From WWD.COM
Following a record 2010, Hugo Boss is forecasting double-digit growth in currency-adjusted sales and earnings in 2011.
At its annual press conference, the German fashion group projected currency-adjusted sales would grow at least 12 percent in the year ahead, sustained by all regions and distribution channels. Operating income (EBITDA before special items) is expected to advance by at least 15 percent, supported by a widening profit margin.
“We posted outstanding results in 2010 and have maintained this momentum in the new year,” commented Claus-Dietrich Lahrs, chief executive officer and chairman of the managing board. “I am confident we will comfortably exceed last year’s record highs in 2011.”
As previously reported, Boss boosted net income 82 percent in 2010 to 189 million euros, or $251 million, while sales increased by 7 percent on a currency-neutral basis and 11 percent in euro terms to 1.73 billion euros, or $2.3 billion. Dollar figures are converted from euros at an average exchange rate for the period.
Based on these results and the 2011 forecast, the group has proposed higher dividends of 2.02 euros per common share and 2.03 euros for preferred shares, compared to 0.96 and 0.97 euros for common and preferred shares in 2009.
