Strong third quarter boosts Hugo Boss 2010 forecast
The German fashion group Hugo Boss raised its 2010 targets on Thursday after third-quarter results came in better than expected.
Sales in the three-month period gained 19 percent to 538 million euros (750 million dollars), while core earnings leapt by 42 percent to 150 million euros, preliminary figures released by the group showed.
After getting off to a slow start this year, third quarter results were "significantly above original expectations," a statement said, owing to growth in comparable store sales and retail expansions.
Boss also consolidated for the first time the results of a joint venture with the Rainbow Group in China.
For all of 2010, the company now forecasts an increase in sales of five percent, up from a previous outlook of between three to five percent.
Earnings before interest, tax, depreciation and amortisation (Ebitda) are expected to gain around 20 percent, compared with the former estimate of 10-12 percent.
Full results are to be released on November 2.
© 2010 AFP