Tuesday, 5 May 2020

Hugo Boss expects virus hit to worsen before recovery

German fashion house Hugo Boss said it expected the impact of the coronavirus pandemic to be worse in the second quarter after it reported that sales fell a currency-adjusted 17% in the first, but added that it was seeing signs of a rebound in China and online.

The company reported first-quarter sales of 555 million euros ($605.34 million), ahead of average analyst forecasts for 548 million, while its loss before interest and taxation came in at 14 million, bigger than average forecasts for 6 million.

It expects second-quarter sales to fall by at least 50% but said it is confident the retail environment will gradually improve from the third quarter, positively impacting sales and earnings in the second half of the year.

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