Hugo Boss raises full-year outlook on strong Chinese sales

15th July 2011, Comments 0 comments

The German fashion retailer Hugo Boss has raised its full-year outlook owing to better-than-expected second quarter results from China and the United States, it said.

From April through June, Boss made a net profit of 31 million euros ($43.7 million), a five-fold increase from the same period one year earlier, according to preliminary figures released late Thursday.

Sales were almost 25 percent higher at 405 million euros, the group added.

"In view of the stronger than expected results in the past quarter, the group is raising its forecasts for the year as a whole," a statement said.

Sales are now expected to increase by 15-17 percent, instead of the "at least 12 percent" estimate given previously.

Core earnings before special items should be 25-30 percent higher, compared with the previous forecast of at least 15 percent.

In 2010, Boss pulled out of the global economic crisis to post its best result ever, with a net profit of almost 190 million euros, sales of 1.73 billion and core earnings of almost 350 million.

In the first half of 2011, the company generated a net profit that gained 80 percent to 113 million euros, sales of 945 million euros, up from 769 a year earlier, and core earnings that were 58 percent higher at 195 million.

More details on its first half results are to be released on July 28.

© 2011 AFP

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