By
Europa Press
Translated by
Barbara Santamaria
Published
Mar 20, 2020
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Hugo Boss withdraws guidance following store closures in Europe and US

By
Europa Press
Translated by
Barbara Santamaria
Published
Mar 20, 2020

German brand Hugo Boss has withdrawn its outlook for the 2020 financial year after saying it was “impossible to quantify” the financial impact of the coronavirus on its business. A large portion of its own retail stores have closed temporarily, as well as many stockists in Europe and North America.


Spring Summer collection - Hugo Boss


On 5 March, Hugo Boss said it was expecting to see a significant decline in sales in China, but insisted currency-adjusted global sales would grow in the range of 0% to 2% during 2020. Among others, it anticipated a decrease in sales in the Asia Pacific region, moderate growth in Europe and stability in America.

But recent developments have forced the German company to announce the temporary closure of multiple stores and points of sale in Europe and North America as part of measures to contain the pandemic.

“The resulting negative effect on the group’s sales and earnings development is impossible to quantify at this stage. Therefore, a reliable prediction of the business performance in 2020 is not possible at this point in time,” said the company in a statement.

As a result, Hugo Boss warned that its previous outlook for the 2020 financial year is “no longer valid”.

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