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Hugo Boss Temporarily Closes Stores; Says FY Outlook Is No Longer Valid

Hugo Boss (HUGSF.PK) announced that it has temporarily closed a large number of retail stores as well as many points-of-sale at important partners in Europe and North America, as a result of global spread of COVID-19 and to protect the public. At the same time, the Company also fully complies with the regulations of the respective authorities.

Hugo Boss said the impact of store closures to its sales and earnings was impossible to quantify at this point. As a result, the company specified that the outlook for the fiscal year 2020 announced during 2019 results on March 5, is no longer valid.

In the context of social responsibility, HUGO BOSS makes contribution to protect its employees and customers, to interrupt chains of infection and to contain the spread of COVID-19.

In order to secure its financial flexibility and stability as well as to maintain its healthy balance sheet structure, HUGO BOSS has initiated extensive measures all aimed at protecting the Group's free cash flow. The Group also stated that it continues to focus on strengthening its two brands, BOSS and HUGO.

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