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Hugo Boss cuts forecast for 2008

Hugo Boss has cut its sales and profit forecast for 2008 blaming a drop in sales in key markets and uncertain global economic conditions.

The German fashion group is now expecting currency-adjusted sales growth at the lower end of its previous guidance range of 6% to 8%. Hugo Boss is also projecting profit before interest and taxes to be slightly lower than 2007.

The group said that sales increased by 3% to €1.4 billion (£1.1bn) over the first nine months of 2008.

However, Hugo Boss said that the consumer climate in Germany "clouded over considerably" in the last few months in the wake of the financial crisis.

The group's own retail business in the growth regions of North America and Asia enjoyed double-digit sales growth.

The company said in a statement: "As a result of the general economic situation characterised by ongoing numerous and unclarified business uncertainties, the Hugo Boss management has adjusted its sales and earnings outlook for fiscal year 2008."

To read the company's full statement click here.

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