Troubled fashion giant Hugo Boss' woes continued on Wednesday with a 15 per cent year-on-year slump in third quarter net profit to 52.3 million euros on the back of a three per cent slip in sales.

The company cited tough market conditions for the results which include a 12 per cent fall in sales in Germany, although sales did pick up in several other European countries including Italy, Spain and France.

For the nine months, Boss said its net profit plummeted more than 30 per cent to 82 million euros on flat sales of 911.1 million euros.

Boss, part of the Marzotto fashion empire, reaffirmed its full-year net profit goal of 70 million euros, having downgraded it twice from its original outlook of 95 million euros, and reduced its sales target to last year's level of 1.09 billion euros.

"Within a global superior men's wear market that is still declining annually by 5-6 per cent, Hugo Boss AG performed very well during the first nine months of 2002, with currency-adjusted sales up by one per cent," said Dr Bruno Sälzer, CEO and chairman.