Hugo Boss: shares down on sales slump, operating loss

(CercleFinance.com) - Hugo Boss shares were down over 2% on Tuesday after the German fashion house reported an operating loss and a drop in sales for the first three months of the year.


The Metzingen-based firm reported a first-quarter operating loss (EBIT) of 14 million euros, compared to a profit of 57 million euros in the same period a year ago.

Sales decreased 16% overall to 555 million euros, it said.

With the vast majority of its own stores temporarily closed, Hugo Boss has now dedicated the production facility at its headquarters in Metzingen, Germany, to the production of face masks to be donated to public institutions.

Making a reliable forecast for sales and earnings development in 2020 is currently impossible, it said, even though the company said it expects declines in second-quarter sales and earnings to be "more pronounced" than in the first quarter.

The shares were down 2.3%, making it the biggest faller on Germany's midcap MDAX index.

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