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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.

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