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Hugo Boss confident on outlook

Hugo Boss saw its second quarter losses widen to €15.9 million (£13.5m) in the second quarter but reiterated its forecast for the year.

First half profits fall 19% to €47.7m (£40.6m) and a 10% drop in EBIDTA to €119.8m (£102m).

Total sales at the business fell back 5% to €787m (£670m) while sales in the European market declined 8% to €540m (£460m), with the business blaming a “difficult general market environment” for the decline.

However Hugo Boss said that first half performance had ” exceeded expectations” and added that during the period cost cutting measures had been taken.

Hugo Boss chairman and chief executive Claus-Dietrich Lahrs said: “The results for this first half of the year show that Hugo Boss can react quickly and flexibly to changes in the market and efficiently implement the right measures. The group can, and will hold its ground internationally in the current turbulent environment.”

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