Hugo Boss Sees Significant Increase In FY21 Group Sales, EBIT; Stock Down

German luxury fashion brand Hugo Boss AG (HUGSF.PK) Tuesday said it expects a significant increase in Group sales and EBIT for full year 2021.

The company projects strategic growth drivers China and Online to continue recording significant double-digit growth in the year.

Hugo Boss said it is currently not able to provide a precise outlook for fiscal year 2021 as a result of the ongoing short-term uncertainty related to extended lockdowns in key European markets.

The company further said it remains confident that the global retail environment will continue to gradually improve and that global business will recover noticeably in the further course of 2021.

In this context, the anticipated further progress in global vaccination campaigns and the gradual lifting of lockdowns and restrictions on public life are expected to fuel consumer sentiment, especially in the second half of the year, it said.

The company maintained its stated target of increasing own online sales to more than 400 million euros by 2022. the company is confident to cross the 300 million euros mark already in the course of this year.

Hugo Boss added that it will generate a significantly positive free cash flow in the future.

In Germany, Hugo Boss shares were losing around 1.7 percent to trade at 41.85 euros.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ward Hill, Massachusetts-based Cedar's Mediterranean Foods is recalling Cedar's Organic Mediterranean Hommus citing undeclared pine nut, an allergen, the U.S. Food and Drug Administration said. The Cedar's Organic Mediterranean Hommus is packaged in a 10 oz. plastic container, with a UPC Code: 044115403028. Shares of UBS Group AG were gaining around 2 percent in Swiss trading after the banking major reported Tuesday higher profit in its third quarter with growth in net interest income. Further, the company said it intends to repurchase up to $0.6 billion of shares during the fourth quarter. The company will provide strategic update on February 1, 2022. HSBC Holdings Plc shares were gaining In London trading as well as in pre-market activity on the NYSE after the Asia-focused lender backed its positive outlook after reporting significantly higher third-quarter profit. Further, the company announced share buyback of $2 billion, which will be commenced shortly.
Follow RTT