Hugo Boss expects its business to recover
Currency-adjusted sales rose by 29% in mainland China in the quarter
Stocks impacted: Hugo Boss (BOSS)
The German premium apparel maker reported that currency-adjusted revenues slid 8% in the first quarter of 2021 to 497 million euros. Compared with the first quarter of 2019, currency-adjusted sales rose by 29% in mainland China in the quarter. Hugo Boss just managed to turn an operating profit of 1 million euro. Overall, group sales fell but the company stated that the decrease in sales had been limited and that the firm was continuing its gradual recovery from the COVID-19 pandemic. The company expects sales in mainland China to keep growing fast despite calls for a boycott of Western brands by Chinese consumers launched earlier this year. Hugo Boss is confident that sales in the second quarter will almost double, and it hopes to generate a positive operating profit in the period. Following the upbeat outlook, the company’s stocks rallied over 4% on Wednesday.
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