Hugo Boss warns annual sales and profits are likely to miss expectations
In an unexpected trading update, Hugo Boss Group said: “The sales development of Hugo Boss was marked by high levels of volatility in the third quarter of 2015 (July to September).
“Total third quarter group sales declined by 1%, excluding currency effects on a preliminary basis.” It said its trading profit was expected to have declined by 8% – partly a consequence of adverse currency exchange rate movements.
Hugo Boss said that as a result of the “weaker than expected trading”, it was now expecting sales growth and profits for the year of between 3% and 5%.
It warned the lower predictions were based on like-for-like sales remaining stable. The company, which is listed in Germany, is due to outline its third quarter results next month.