Hugo Boss 'positive' for full-year despite drop in Q1 profits
German fashion house Hugo Boss said Wednesday that profits fell in the first three months of 2015, but the outlook for the whole year was positive.
"The apparel industry is currently feeling the effects of strong consumer restraint in Europe in particular. Hugo Boss coped well with this difficult environment," said chief executive Claus-Dietrich Lahrs.
"Hugo Boss has remained on its growth path in the first quarter of 2015," Lahrs insisted.
"Despite the challenging market conditions, the company was able to increase sales once again. Operating profit remained stable. Hugo Boss expects sales and profit growth to accelerate compared to the first quarter as the year progresses and thus confirms its positive outlook for the full year," the CEO said.
"We are convinced that we will return to stronger growth in the next few quarters."
In the period from January to March, net profit fell by six percent to 75.6 million euros ($85 million).
Underlying or operating profit fell by five percent to 102.8 million euros on a nine percent increase in sales to 667.5 million euros, Hugo Boss said.
© 2015 AFP