Hugo Boss full-year operating profits are set to fall less than expected, reaching the upper end of the forecast range confirmed in November last year.
The firm previously announced operating profits will decline between 17% and 23% compared to last year, when adjusted EBITDA before special items was €594m (£521m).
Sales declined by 1% in the fourth quarter, according to preliminary results released today, down by 3% to €725m (£636m) in euro terms compared to the previous year. Group sales for the full year were down 4% year on year to €2.7m (£2.4m).
In November last year, the firm confirmed it will discontinue the Boss Orange and Boss Green labels as independent brands and will only operate two brands in future: the core Boss line and the entry-level price Hugo, which will be priced around 30% lower than Boss.
It will integrate the Boss Orange and Boss Green labels into the core Boss range to offer a “consistent brand experience”.