Hugo Boss Q2 sales up 16% on new stores

Hugo Boss AG sales had their biggest quarterly gain in more than two years after the fashion label added more stores to expand its own retail network and benefited from favorable currency shifts.

Hugo Boss sales rose 16 percent to 647.1 million euros ($708 million) in the second quarter.  That topped the 628.4 million-euro average estimate of analysts surveyed by Bloomberg. The company changed its forecast for full-year retail same-store sales to a “mid-single digit” increase from low single digits previously.

Hugo Boss CEO Claus-Dietrich Lahrs said the company is opening more stores and boutiques in departments stores while benefiting from a modest recovery in European apparel spending to recover from a lower-than-expected first-quarter profit. The euro’s weakness is also boosting the value of sales from the U.S. and China when they’re translated into Hugo Boss’s home currency.

adapted from Bloomberg