Advertisement

Hugo Boss back in the black

AFP
AFP - [email protected]
Hugo Boss back in the black
Photo: DPA

German clothing retailer Hugo Boss swung back into the black in the third quarter by getting a grip on expenditures, it said on Monday.

Advertisement

Boss posted net profit of €51.5 million in the three-month period, a statement said, erasing a net loss of €16 million in the second quarter of the year.

On a 12-month basis however, net profit was down by 25 percent, while sales fell by 16 percent from the third quarter of 2008 to €450.4 million.

The company's core European markets turned in "a surprise trend downwards in the third quarter," particularly in eastern Europe, owing to clients' financial problems and halted deliveries, the company said in a statement.

The positive net profit was partly the result of "successful implementation of structural and efficiency measures that had been adopted at an early stage," it continued.

Hugo Boss plans to pursue its "strategic realignment" by closing loss-making stores, a move that should "form the basis for the growth curve targeted for 2010 and beyond."

More

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also