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Hugo Boss raises 2021 outlook after strong third quarter

Hugo Boss raises 2021 outlook after strong third quarter

FILE PHOTO: An employee displays suits at the Hugo Boss section of the Central Universal Department Store (TsUM), on the first day after ending a coronavirus lockdown, in Kyiv, Ukraine January 25, 2021. REUTERS/Valentyn Ogirenko/File Photo

FRANKFURT: German fashion retailer Hugo Boss on Thursday raised its outlook for the current year after third-quarter earnings rebounded above pre-pandemic levels on the back of strong demand in Europe and the Americas.

The group now expects sales to grow by about 40 per cent in 2021 on a currency-adjusted level, up from a previous target growth range of 30-35 per cent. Operating profit (EBIT) is now seen at €175 million to €200 million (US$203-232 million), compared with a previous forecast for €125 million to €175 million.

While noting a strong business recovery in Europe and the Americas, "renewed COVID-19 related restrictions, including temporary store closures, weighed on consumer sentiment in various key markets" in the Asia/Pacific region, it said.

Third-quarter sales and EBIT stood at €755 million and €85 million, respectively, which represents a rise not only compared with the past year but also with regard to 2019, before the COVID-19 pandemic hit the sector, Hugo Boss said.

Frankfurt-listed shares in the company, which is expected to publish full third-quarter results on Nov 4, rose 2.6 per cent on the news

Source: Reuters

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