Shares slip as fashion house reports first-quarter operating profit fell 22%
Jackets on display in the Hugo Boss section at Central Universal Department Store in Kiev, Ukraine. Picture: REUTERS/VALENTYN OGIRENKO
Finance chief Yves Mueller said stores had already been reopened in New York and Tokyo, while the refurbishment of the company’s biggest flagship store on the Champs Elysees in Paris, and a store in Chicago will be complete later in 2019.Hugo Boss shares slipped after it reported first-quarter operating profit fell 22% to €55m on sales up a currency-adjusted 1% to €664m, missing average analyst forecasts.
Known for its smart men’s suits, Hugo Boss has introduced more casual and sportswear styles to appeal to a younger audience and invested heavily in its online products after a bid to go upmarket backfired a few years ago. Online sales jumped in the first quarter, up 26%, while retail sales rose by 4% on a same-store basis.
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