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Hugo Boss Q1 Net Loss Narrows; Sees Growth In Q2; Says Confident Of Rest Of Year

German luxury fashion brand Hugo Boss AG (HUGSF.PK) reported Wednesday that its first-quarter net income loss narrowed to 8 million euros from prior year's 18 million euros. Loss per share was 0.13 euro, compared to loss of 0.26 euro a year ago.,

However, operating result or EBIT was positive at 1 million euros, compared to last year's negative 14 million euros, reflecting tight cost control activities.

In Group currency, sales decreased 10 percent to 497 million euros from prior year's 555 million euros. Group sales decline limited to minus 8 percent on a currency-adjusted basis.

The company noted that the negative implications of the COVID-19 pandemic continued to weigh on key European markets, partly offset by improved results in Online, mainland China and casualwear. Mainland China sales almost doubled, online sales were up 72 percent, and Casualwear sales returned to mid-single-digit growth.

Looking ahead for the second quarter, the company said it is confident that sales will almost double those of the prior-year period, which was severely impacted by the global spread of COVID-19. In addition, the Company remains optimistic of also generating a positive EBIT in the second quarter.

The company further said it is confident for the remainder of the year as it expects both sales and EBIT to recover noticeably in the further course of 2021.

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