Thursday, 5 March 2020

Hugo Boss sees coronavirus hit to sales spreading from Asia

German fashion house Hugo Boss warned on Thursday that the coronavirus will have a significant impact on its first-quarter results, with sales falling particularly in Asia, but also in other key markets.

Hugo Boss said it expects a gradual normalization by the middle of the year, but it still foresees a major hit to 2020 results. It forecast currency-adjusted sales will rise from zero to 2%, including a single-digit decline in Asia/Pacific.

It expects earnings before interest and taxation (EBIT) to come in at €320 million-350 million (£277 million-302 million) after a 4% fall to 333 million in 2019 as it invested in sprucing up its store network.

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