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Hugo Boss shares fell sharply after the publication of preliminary figures for the fourth quarter. Although the company posted record sales, its operating result disappointed investors and analysts.
In the fourth quarter, sales rose by ten percent to 1.18 billion euros and the operating result (EBIT) increased by 17 percent to 121 million euros. Nevertheless, Hugo Boss missed analysts' expectations. This led to a decline in the price of Hugo Boss shares by around twelve percent to less than 59 euros.
For the full year, Hugo Boss achieved sales of 4.2 billion euros, an increase of 15 percent, and the operating result improved by 22 percent to 410 million euros, but remained below analysts' estimates. The company originally forecast sales growth of 12 to 15 percent and an increase in EBIT of 20 to 25 percent for 2023. Hugo Boss plans to present the detailed figures and outlook on March 7th.
According to the key data for the fourth quarter, the analysis house Jefferies has left the rating for Hugo Boss at “Buy” with a price target of 80 euros. Deutsche Bank analyst Michael Kuhn also left the rating at “Buy” with a price target of 79 euros. Both analysts emphasize that the price decline is exaggerated.
Hugo Boss was not able to fully meet its EBIT expectations, but a discount of over ten percent seems excessive. It would therefore not be advisable to throw the securities onto the market.