Hugio Boss raises EBIT forecast after strong demand in Europe

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Hugio Boss raises EBIT forecast after strong demand in Europe

FRANKFURT, Oct 14 Reuters - German fashion retailer Hugo Boss raised its outlook for the current year after third-quarter earnings recovered above pre-pandemic levels on the back of strong demand in Europe and the Americas.

The group now expects sales to grow in 2021 on a currency adjusted level, up from a previous growth target of 30-355%. Operating profit EBIT is now set at 175 million to 200 million euros $203-232 million compared with a forecast for 125 million to 175 million euros in previous period.

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 Asia Pacific region, it said.

Third quarter sales and EBIT were measured at 755 million euros and 85 million, respectively, which represents a rise not only from the year before, but also from the year before the COVID 19 pandemic hit the sector, Hugo Boss said.

Frankfurt-listed shares in the company, which is expected to announce full third quarter results on November 4 with full report expected to move up 2.6% on the news.