Shares of Hugo Boss fell as much as 10% in morning trade Tuesday after the company cut its sales outlook.
The German fashion house said Monday that it expects full-year sales of up to 4.35 billion euros on macroeconomic challenges, particularly in China.shares plunged as much as 10% Tuesday after the company cut its sales outlook, becoming the latest high-end fashion line to warn of persistent woes in the luxury sector.The company attributed the revised outlook to"persistent macroeconomic and geopolitical challenges" and cited China and the U.K. as particularly challenging markets.
Second-quarter operating profit slumped 42% year-on-year to 70 million euros, reflecting"softer sales trends and strategic investments into the business," the company said in its preliminary report.The adjusted outlook comes as macroeconomic and geopolitical concerns have weighed on the luxury sector more broadly, with other high-end brands including Burberry and LVMH reporting a slowdown in sales.led it to issue a profit warning, replace its CEO and axe its dividend.
Swetha Ramachandran, global equities fund manager at Artemis Fund Managers, told CNBC that the slowdown in Chinese consumer spending may be overstated, however, with many Chinese shoppers once again making their big ticket purchases overseas.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Projecting the 2024-25 All-Rookie Team after the NBA DraftProjecting the 2024-25 All-Rookie Teams after the 2024 NBA Draft.
Read more »
Giants 2024 Win Total Projection (New York Expected to Struggle in 2024)2024 NFL win total preview for the New York Giants, who are expected to struggle with question marks all over the roster.
Read more »
Raiders 2024 Win Total Projection (Oddsmakers Fading Las Vegas in 2024)Breaking down the win total projection for the Las Vegas Raiders in the 2024 season.
Read more »
Motorola Razr Plus 2024 vs. Razr 2024: Which foldable should you buy?Motorola just unveiled the next generation of Razr flip phones. But which one should you buy? The Razr 2024 or Razr Plus 2024? Let's find out.
Read more »
Robert Wun Fall 2024 CoutureRobert Wun fall 2024 couture fashion show and collection photos, at Couture Fashion Week, June 2024.
Read more »
Spurs Starter: June 28, 2024: San Antonio Welcomes 2024 3-Man Draft ClassYour daily briefing on what's going on with the San Antonio Spurs, including news, draft & more.
Read more »