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Hugo Boss raises 2021 outlook after strong third quarter

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FRANKFURT, Oct 14 (Reuters) – German style retailer Hugo Boss (BOSSn.DE) on Thursday raised its outlook for the present 12 months after third-quarter earnings rebounded above pre-pandemic ranges on the again of strong demand in Europe and the Americas.

The group now expects gross sales to develop by about 40% in 2021 on a currency-adjusted degree, up from a earlier goal progress vary of 30-35%. Operating revenue (EBIT) is now seen at 175 million to 200 million euros ($203-232 million), in contrast with a earlier forecast for 125 million to 175 million euros.

While noting a strong enterprise restoration in Europe and the Americas, “renewed COVID-19 related restrictions, including temporary store closures, weighed on consumer sentiment in various key markets” within the Asia/Pacific area, it stated.

Third-quarter gross sales and EBIT stood at 755 million euros and 85 million, respectively, which represents an increase not solely in contrast with the previous 12 months but in addition with regard to 2019, earlier than the COVID-19 pandemic hit the sector, Hugo Boss stated.

Frankfurt-listed shares within the firm , which is anticipated to publish full third-quarter outcomes on Nov. 4, rose 2.6% on the news.

($1 = 0.8629 euros)

Reporting by Christoph Steitz; Editing by Susan Fenton

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