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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.

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