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Hugo Boss loss more than doubles

31 Jul 2009

FRANKFURT, GERMANY: German fashion group Hugo Boss said on Thursday, 30 July 2009, that its net loss had more than doubled in the second quarter but forecast an improvement next year.

The group said its three months to June net loss expanded to €15.9 million ($22.4 million) from a loss of €6.1 million in the same period a year earlier.

Sales fell 5.6% to €303.9 million.

"Due to the extremely weak overall global economic situation, Hugo Boss expects a declining development in sales," a statement said.

"The management expects positive business developments again in fiscal 2010."

For the first half of 2009, the company posted a 5% drop in sales to €788 million.

German press reports say Hugo Boss is under pressure from its parent company, the Italian fashion house Valentino, to cut costs across the board to cope with the global downturn.

Source: AFP

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