Hugo Boss shuts down 20 stores

Hugo Boss shuts down 20 stores

Fashion label Hugo Boss decided to shut down another 20 stores worldwide after it had announced in March it would close 20 stores in China. Currently, it has 1,325 stores worldwide.

 

Forecasts adjusted

The company announced its decision when it published its quarterly results, which clearly show that Hugo Boss' April - June period was not that good. Turnover dropped 4 % to 622 million euro, but that did not anger analysts, who had feared even worse.

 

Net profit got hammered 84 % to 11.1 million euro, mainly because it had closed several stores, a 57 million cost to Hugo Boss.

 

Hugo Boss adjusted its full-year forecast downward. At first, it predicted a minor turnover growth, but now it believes it will maintain a status quo or even have to face a slight turnover decline.