May 2 (Reuters) - Hugo Boss' first-quarter operating profit on Thursday beat expectations despite further investment into the business helped by efficiencies and improving costs.
Earnings before interest and taxes rose 6% to 69 million euros ($74 million), slightly above the 65 million in a company-provided poll of analysts.
Efficiency gains in sourcing as well as more favourable product and freight costs offset promotion costs and negative currency effects, the company said.
Quarterly group sales rose 5% to 1.01 billion euros.
Brand and product initiatives including the launch of the latest spring/summer 2024 collection drove growth for its BOSS and HUGO brands in the quarter, the company said.
($1 = 0.9335 euros)
Reporting by Linda Pasquini in Gdansk; editing by Jamie Freed and Jason Neely
Source: Reuters