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Hugo Boss struts ahead with strong quarterly profit

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Hugo Boss struts ahead with strong quarterly profit
Photo: DPA
16:45 CET+01:00
German fashion group Hugo Boss reported a strong third-quarter profit on Tuesday and confirmed unexpectedly good performance given in preliminary figures last month.

The group has increased the number of its own brand stores, especially in Asia.

The company said that net profit climbed by 79 percent to €92.2 million in the three month period compared with the third quarter of 2009.

Operating profit was 73 percent higher at €128.6 million, a statement added, and showed that 2010 "will be a year of growth again" for the group.

The final figures "confirm the company's good health," LBBW analyst Bernd Müll said.

After suffering early this year from lagging effects of the global lowdown, Boss has bounced back and confirmed a sales gain of 19 percent to €538 million in third quarter sales.

But "our growth in the third quarter is broad-based, with all regions, distribution channels and brands contributing to it," chairman and chief executive Claus-Dietrich Lahrs said.

For all of 2010, Boss raised its targets last month already, and expects sales to gain five percent excluding foreign exchange effects, and core earnings before exceptional items to increase by around 20 percent.

AFP/ka

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