Hugo Boss raises medium-term profit targets

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German fashion retailer Hugo Boss said on Tuesday it is "raising substantially" its medium-term sales and earnings targets following the dynamic growth it has seen in the past two years.

Boss said in a statement it is now projecting full-year revenues of 3.0 billion euros ($4.1 billion) by 2015 and underlying profit, as measured by earnings before interest, tax, depreciation and amortisation (EBITDA), of 750 million euros.

Previously, the group had been targeting sales of 2.5 billion euros and profits of 500 million euros by 2015.

"Over the past two years, Hugo Boss has grown dynamically," said chief executive Claus-Dietrich Lahrs.

"I'm convinced that we'll grow faster than our rivals in future as well."

Last week, Boss published its third-quarter results which showed a 30-percent jump in net profit and a 14-percent increase in revenues in the period from July to September.

In 2010, the group posted record net profit of 190 million euros, underlying profits of close to 350 million euros and sales of 1.73 billion euros.

© 2011 AFP

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