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Hugo Boss Pares Outlook Due to Challenges in US Market

Shares in the suit-maker fell as much as 3.8 percent in early Frankfurt trading, their biggest intraday decline in two months.
Hugo Boss SS19 | Source: InDigital
By
  • Bloomberg

METZINGEN, Germany — Hugo Boss AG said full-year sales and profit will be at the lower end of its guidance range as it struggles to sell its clothes in the US.

Revenue in the second quarter, adjusted for currency swings, declined by 5 percent in the US, Boss said Thursday. The suit-maker cited weak sales to tourists and a high level of discounting by apparel retailers, among other factors.

The shares fell as much as 3.8 percent in early Frankfurt trading, their biggest intraday decline in two months.

The US decline pared companywide revenue growth to 2 percent in the quarter and prompted Boss to say sales and earnings will only reach the lower end of its guided range for the full year.

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The company had already reported a plunge in first-quarter earnings amid the weakness in the U.S., in a setback for Chief Executive Officer Mark Langer’s turnaround plans.

Sales in Europe and the Asia-Pacific region rose in the second quarter, Boss said, and operating profit should “significantly accelerate” in the second half after rising 3 percent in the latest three months.

By Richard Weiss; editors: Erhard Krasny and Eric Pfanner.

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