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Hugo Boss increases forecast after sales soar

Premium business Hugo Boss Group has increased its full-year sales forecast after reporting a 24.6% rise in revenues for its second quarter to the end of June.

The group reported net income of €31m (£27m) for the three months ended June 30 compared with €6m (£5m) the same period in 2010. EBITDA plus special items more than doubled to €63m (£55m), rising from €31m (£27m). Sales rose by 24.6% to €405m (£356m) from €325m (£286m).

Net income for the first half of the year increased by 54.8% to €113m (£99m) and EBITDA excluding special items rose by 58.5% to €195m (£171m). Sales rose 22.9% to €945m (£830m).

Encouraged by strong sales, Hugo Boss has increased its expectations for 2012 and is anticipating a sales increase of 15% to 17% for the year, rising from its earlier estimate of a 12% rise. It has also increased its forecast for EBITDA before special items from 15% to between 25% and 30%.

The company said the most significant sales increases were in the Chinese and US markets. It added: “The positive development was due primarily to the comp-store sales growth in the group’s own retail business and the expansion of the group’s own retail activities.”

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