Thursday 27 October 2016

Hugo Boss to close more stores as it cuts outlook

Emma Thomasson

Published 05/08/2016 | 08:55

Hugo Boss:
Hugo Boss:

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.

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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.


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