Hugo Boss to close more stores as it cuts outlook
Published 05/08/2016 | 08:55
Mark Langer, the new chief executive of Hugo Boss, said the German fashion house would close another 20 stores and refocus its US business as it cut its full-year outlook following a slump in second-quarter profits.
Hugo Boss reported quarterly net profit fell 84pc to €11m on sales down 4pc to €622m. The net profit missed average analyst forecasts for €36m, while sales were ahead of consensus for €611m.
Hugo Boss now expects full-year currency adjusted sales to fall between zero and 3pc, compared with a previous outlook for a rise, while it expects earnings before interest, taxation, depreciation and amortisation (EBITDA) before special items to fall 17-23pc.