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Hugo Boss narrows losses, sees recovery ahead

Hugo Boss AG said Wednesday that its net loss narrowed in the first quarter and that it expects business to recover noticeably in the course of the year.

The German premium-apparel maker reported a quarterly net loss of 8 million euros ($9.6 million) compared with a loss of EUR18 million in the year-earlier period.

Earnings before interest and taxes came in at EUR1 million from a loss of EUR14 million the previous year, while sales for the quarter fell 8% at constant currencies to EUR497 million.

"I am particularly pleased by the further progress along our strategic growth drivers--online, mainland China and casualwear--which have all seen momentum further accelerating," said Yves Mueller, spokesperson of the managing board.

Hugo Boss said it isn't able to provide a precise outlook for the full year, but expects both sales and EBIT to improve as vaccination campaigns progress and restrictions are gradually lifted.

Assuming no further lockdowns, the company expects sales to almost double on year in the second quarter and EBIT to be positive.

Write to Giulia Petroni at [email protected]

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