HUGPF - Hugo Boss AG (BOSSY) Q4 2023 Earnings Call Transcript
2024-03-07 15:19:07 ET
Hugo Boss AG (BOSSY)
Q4 2023 Results Conference Call
March 07, 2024 05:00 AM ET
Company Participants
Christian Stohr - SVP of IR
Daniel Grieder - CEO
Yves Muller - CFO & COO
Conference Call Participants
Grace Smalley - Morgan Stanley
Anthony Charchafji - BNP Paribas
Zuzanna Pusz - UBS
Frederick Wild - Jefferies
Thomas Chauvet - Citi
Jurgen Kolb - Kepler Cheuvreux
Michael Kuhn - Deutsche Bank
Presentation
Christian Stohr
Good morning, everyone, and welcome to our Full Year 2023 Financial Results Presentation hosted by Daniel Grieder, CEO of HUGO BOSS; and Yves Muller, CFO and COO.
Today's conference call will be divided in three parts. Daniel will kick off by discussing our biggest strategic achievements in 2023 and the impact on our growth strategy, CLAIM 5. Afterwards, Yves will present our financial performance in the last fiscal year and walk you through our full year 2024 outlook. As always, we will conclude with a Q&A session during which Daniel and Yves will be happy to answer your questions.
Before I hand over to Daniel, allow me to remind you that all revenue-related growth rates will be discussed on a currency-adjusted basis. I would also like to remind you that during the Q&A session, we kindly ask you to limit your questions to a maximum of 2.
So let's get started, and over to you, Daniel.
Daniel Grieder
Thank you, Christian, and good morning, everyone. Thanks for joining our call today.
As you could see from our pre-release in mid-January, 2023 was another record year for HUGO BOSS and it marked a further important milestone along our growth journey. As the CEO of this company, I'm incredibly proud of what we have accomplished since we introduced CLAIM 5. The second full year of strategy execution brought strong achievements across all business areas and drove the momentum of our two brands: BOSS and HUGO. This enabled us to gain further market shares in 2023. With €4.2 billion in sales, 2023, we were able to cross the €4 billion sales mark for the first time in our history. This means we have exceeded our initial midterm sales target two years ahead of plan with broad-based growth across both our brands, all regions and all consumer touch points.
And despite further investments into our business, we also recorded notable bottom-line improvements. Operating profit amounted up to €410 million, which represents almost €50 million more compared to the midpoint of our initial EBIT guidance for the year. This is a clear testament to the power of CLAIM 5. Without any doubt, we implemented the right strategy at the right time; a strategy that unleashes the full potential of our brands and drives top and bottom-line growth. There is also no doubt that our winning formula, CLAIM 5, will continue to guide us in the future as we see many more business opportunities in the years to come, be it from the brand, channel or regional perspective....
Hugo Boss AG (BOSSY) Q4 2023 Earnings Call Transcript