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Hugo Boss raises 2021 outlook after strong third quarter By Reuters

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© Reuters. FILE PHOTO – An employee shows suits in the Hugo Boss Section of Central Universal Department Store, (TsUM) on January 25, 2019, Kyiv. REUTERS/Valentyn Ogirenko/File Photo

FRANKFURT (Reuters), Hugo Boss, a German clothing retailer, has raised its outlook for next year following strong European and American demand.

According to currency adjusted data, the group expects that sales will grow by 40% between 2021 and 2023. This is up from 30-35% previously. The operating profit (EBIT), which is the net income from operations, now stands at 175 to 200 millions euros ($203 to232 million) compared to a prior forecast of 125 to 175million euros.

It said that while there was a solid business recovery in Europe, the Americas and Asia, the “renewal of COVID-19-related restrictions, including store closings for temporary reasons, had weighed on consumers’ sentiments in key markets in Asia/Pacific.”

Hugo Boss stated that the third-quarter’s sales and EBIT were 755 and 85 millions euros, respectively. This is a significant increase compared to the previous year and also compared to 2019 before the COVID-19 epidemic hit.

Frankfurt-listed shares were up 2.6% in response to the news.

($1 = 0.8629 euros)

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