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Hugo Boss 2017 Profit Rises

German luxury fashion brand Hugo Boss AG (HUGSF.PK) reported that it net income for fiscal year 2017 increased to 231 million euros or 3.35 euros per share from 194 million euros or 2.80 euros per share in the previous year.

Sales of the Hugo Boss Group rose by 1% in 2017 to 2.733 billion euros from 2.693 billion euros last year. Adjusted for currency effects, this was an increase of 3%. All regions contributed with currency-adjusted sales growth.

The Managing Board and Supervisory Board intends to propose a five cent increase in dividend for the 2017 financial year to 2.65 euros per share to the Annual Shareholders' Meeting , compared to 2.60 euros per share last year.

Hugo Boss expects sales growth to accelerate in 2018, with an increase in Group sales in the low to mid single-digit range after currency adjustments. In euro terms, growth will probably be lower due to negative currency effects. EBITDA before special items is expected to develop within a range of -2% to +2% in 2018 compared to the prior year. Group's net income should increase in the low to mid single-digit percentage range.

by RTTNews Staff Writer

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