Hugo Boss: third-quarter profit misses estimates
(CercleFinance.com) - German fashion house Hugo Boss said on Tuesday that lower-than-expected sales growth and an increase in operating expenses resulted in a decline in its operating result (EBIT).
The group said operating result (EBIT) fell by 13% to 80 million euros in the past quarter, falling short of expectations.
Hugo Boss said a challenging market environment in North America and Hong Kong weighed on earnings in the third quarter.
Currency-adjusted sales remained broadly flat, edging up just 1% to 720 million euros in the reporting currency.
In its statement, Hugo Boss said it expects both sales and earnings growth in the fourth quarter, helped by its ongoing strategic initiatives.
Hugo Boss shares are currently down 0.9%, underperforming a 0.2% fall in Germany's mid-cap index, the MDAX.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The group said operating result (EBIT) fell by 13% to 80 million euros in the past quarter, falling short of expectations.
Hugo Boss said a challenging market environment in North America and Hong Kong weighed on earnings in the third quarter.
Currency-adjusted sales remained broadly flat, edging up just 1% to 720 million euros in the reporting currency.
In its statement, Hugo Boss said it expects both sales and earnings growth in the fourth quarter, helped by its ongoing strategic initiatives.
Hugo Boss shares are currently down 0.9%, underperforming a 0.2% fall in Germany's mid-cap index, the MDAX.
Copyright (c) 2019 CercleFinance.com. All rights reserved.