Hugo Boss loss more than doubles, sees 2010 upturn

FRANKFURT - German fashion group Hugo Boss said on Thursday that its net loss had more than doubled in the second quarter but forecast an improvement next year.

By (AFP)

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Published: Thu 30 Jul 2009, 6:34 PM

Last updated: Sun 5 Apr 2015, 10:33 PM

The group said its three months to June net loss expanded to 15.9 million euros (22.4 million dollars) from a loss of 6.1 million euros in the same period a year earlier.

Sales fell 5.6 percent to 303.9 million euros.

‘Due to the extremely weak overall global economic situation, Hugo Boss expects a declining development in sales,’ a statement said.

‘The management expects positive business developments again in fiscal 2010.’

For the first half of 2009, the company posted a five percent drop in sales to 788 million euros.

German press reports say Hugo Boss is under pressure from its parent company, the Italian fashion house Valentino, to cut costs across the board to cope with the global downturn.

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