revised its forecast for the year downward this week because of “persistent macroeconomic and geopolitical challenges that are dampening global consumer demand.”
In a preliminary release, the men’s and womenswear brand reported that, in currency-adjusted terms, sales had fallen 1 percent over the second quarter of the year to bring in 1.01 billion euros.had seen since new chief executive officer Daniel Grieder had come on board in 2021 and instituted a new action plan. “We are operating in a period of significant global macro uncertainty, which also affected our performance in the second quarter,” Grieder said in a statement.
Hugo Boss management also significantly reduced expectations for its EBIT — earnings before interest and taxes — for the year. Instead of coming in between 430 million and 475 million euros, it would now end up somewhere between 350 million and 430 million euros. The original EBIT forecast for 2024 had already been below market expectations of 490 million euros.
As a result of the announcement, Hugo Boss shares fell significantly on the German stock markets on Tuesday, losing as much as 10 percent in value during trading.Venus Williams Suits up at ESPY Awards 2024 Alongside Sister Serena and Quinta Brunson in Embellished Silvia Tcherassi Dress. We use vendors that may also process your information to help provide our services. // This site is protected by reCAPTCHA Enterprise and the Google.