‘Difficult’ U.S. Market Dents Hugo Boss in Second Quarter

German marquee brand Hugo Boss reported better, albeit not remarkable, results in the second quarter of the year. “With us, there are no surprises here, neither upwards or downwards, and in these difficult market conditions we see this as a success,” chief financial officer Yves Müller told journalists during a press conference this morning. Hugo Boss reported a 2 percent rise in currency-adjusted sales to 675 million euros and boasted that better efficiencies had seen operating profit, or earnings before interests and taxes (EBIT), go up 3 percent to 76 million euros. That was slightly lower than analysts’ predictions. The company expects to achieve the year’s guidance although final results will likely lie at the lower end of forecasts. Müller said that guidance was not being adjusted, rather it was being substantiated. Hugo Boss now expects turnover to grow between 4 and 5 percent until the end of the year and EBIT to grow between 7 and 8 percent, the executive said. Half-year results indicate that chief executive Mark Langer’s program for change is working, Müller said, trumpeting progress in online sales, the Asian market, a streamlining the brand’s offerings to two main lines, Hugo and Boss, and improved efficiencies in production and supply. “In

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD https://ift.tt/2OwSqQ3