Stifel maintains its Buy rating on Hugo Boss shares, with an unchanged target price of €79.

Hugo Boss has published preliminary figures for fiscal 2023. Fourth-quarter sales were up 13% cc, in line with consensus, but quarterly EBIT came in at €121m, slightly below consensus (€129m).

Stifel considers Hugo Boss to be a very good example of a brand decoupled from mixed trends in the apparel market 'thanks to a successful rejuvenation of the brand and improved marketing'.

While the external environment is increasingly difficult, the analyst also highlights the brand's as yet untapped potential in America/Asia, with 'attractive' margin expansion potential.


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