Plus   Neg

HUGO BOSS Announces Additional Cost Saving Targets - Quick Facts

HUGO BOSS (HUGSF.PK) said the Group's sales and earnings growth will be severely impacted by the ongoing store closures in many of its markets, and an overall weak consumer sentiment. The company noted that it is preparing for a very difficult second quarter.

HUGO BOSS has decided on a wide range of measures to free up additional cash flow of around 600 million euros. The company targets additional cost savings of at least 150 million euros compared to its original plans.

HUGO BOSS plans to reduce its investment budget for the current year, which was expected to be around 150 million euros, by around one third. This includes postponing planned store openings and renovations and placing a temporary freeze on non-essential IT investments. Also, the company will reduce inventory inflow by at least 200 million euros in fiscal 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford has revived the iconic Bronco brand after a gap of 24 years, this time as a dedicated off-road brand aiming to take on Fiat Chrysler's Jeep Wrangler, the dominant vehicle in the off-road category. Ford has introduced three new vehicles under the all-new Bronco brand as a 4x4 family of rugged SUVs under the tagline, "Built Wild". 3M Co. is teaming with researchers at Massachusetts Institute of Technology or MIT to develop a new rapid antigen test that detects the COVID-19 virus. The research, being conducted at the pilot lab facility at 3M's headquarters in St. Paul, Minnesota, is to learn if a simple-to-use, diagnostic device can produce highly accurate results within minutes and is feasible to mass manufacture. Retail giant Walmart has teamed up with the U.S. Department of Agriculture (USDA) to enable customers who pay for groceries with SNAP benefits, to gain access to Walmart's pickup and delivery service. Nearly 3,000 Walmart stores in 39 U.S. states are now offering customers receiving SNAP benefits through their Electronic Benefit Transfer (EBT) card to complete payments using the EBT card.
Follow RTT