Hugo Boss to close more stores as it cuts outlook
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.