GERMANY: Hugo Boss lifts FY outlook on strong sales
German fashion retailer Hugo Boss AG has raised its full-year sales and earnings forecast after booking a five-fold hike in second quarter profit, helped by strong demand in China and the US.
Net income in the quarter soared to EUR31m (US$43.9m), up from EUR6m in the same period last year. And group sales jumped 25% to EUR405m, helped by same-store sales growth and expansion of the firm's retail activities.
“In view of the stronger than expected results in the past quarter, the Group is raising its forecasts for the year as a whole,” Hugo Boss said in a statement.
It now expects sales to rise by 15% to 17% for the year as a whole, with EBITDA before special items up by 25% to 30%.
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