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Hugo Boss Q3 hit by China and US slowdown

Hugo Boss has been forced to cut its sales and profit forecast amid a slowdown in China and the US.

The German fashion brand said preliminary figures show a 1% drop in sales to €744m (£547m) during the third quarter. EBITDA also fell, down 8% to €168m (£124m).

It said while its European business has been trading in line with expectations, performance in China and US hit its third quarter results.

As a result, the business now expects sales and profit to each rise by between 3% to 5% on a currency-adjusted basis.

It previously forecast sales to rise to mid single digits and EBITDA to climb between 5% and 7%.

“While performance in Europe remained strong and in line with original expectations, momentum in Asia and the Americas deteriorated considerably towards the end of the period,” the company said in a statement.

“This was due to sales declines in China, as well as a negative development in the group’s US own retail and wholesale businesses. Weaker demand from tourists contributed to the slowdown in the US.”

Hugo Boss will report its full third quarter results on November 3.

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