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Hugo Boss struts ahead with strong quarterly profit

German fashion group Hugo Boss reported a strong third-quarter profit on Tuesday and confirmed unexpectedly good performance given in preliminary figures last month.

Hugo Boss struts ahead with strong quarterly profit
Photo: DPA

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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RETAIL

German Amazon workers strike on ‘Black Friday’

Amazon workers in Germany started a three-day strike Thursday timed to disrupt the online retailer's "Black Friday" sales bonanza.

German Amazon workers strike on 'Black Friday'
Signs for the Amazon strike in Leipzig. Photo: DPA

The strike, called by the powerful Verdi union, is set to last until Saturday and marks the latest escalation in a years-long battle with Amazon for better pay and working conditions.

“We estimate that around 2,500 people went on strike today, a higher number than in similar actions in the past and given the difficult circumstances caused by the pandemic, it's a big success,” a Verdi spokesman told AFP.

To limit the risk of Covid-19 infections, the union said it was not staging any rallies during the strike.

Amazon in a statement said the walkouts were not affecting customer deliveries since “the majority of employees are working as normal”.

The stoppage affected Amazon distribution facilities in Leipzig, Bad Hersfeld, Augsburg, Rheinberg, Werne and Koblenz.

Verdi has long wanted Amazon to sign on to regional wage agreements covering retail and e-commerce, and has organised numerous walkouts in recent years.

It also wants Amazon to improve health and safety at work, accusing the retail giant of not doing enough to protect staff from the coronavirus at some of its German sites.

Amazon defended its policies, saying it offered “excellent” wages, benefits and career opportunities in a “modern, safe” work environment.

The company employs more than 16,000 people in Germany and has taken on an additional 10,000 seasonal employees to cope with a boom in online shopping triggered by the pandemic.

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