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Sales rise but profits fall at Hugo Boss

Sales at Hugo Boss rose 3% to €1.68 billion (£1.56bn) in 2008. However profits fell 27% to €112m (£104.4m) after one-off costs from changes in the management board.

Group earnings fell to €112m (£104m) over the period, from €154m (£143.5m) the previous year. The company said the figures reflected one-time effects from the strategic reorientation of the company.

EBITDA rose 4% to €287m (£267m), adjusted for the one-time effects.

Hugo Boss’ European sales rose by 2% (3% on a currency adjusted basis) to €1.17bn (£1.09bn). Hugo Boss said that sales in Germany against a difficult economic background were down 1% to €357m (£332.7m).

On the American continent Hugo Boss sales rose 3% (10% on a currency adjusted basis), reaching €307m £286m). In the US, sales were up 12% in local currency and by 4% in euro.

The Asia/Pacific region reported sales growth of 21% (25% on a currency adjusted basis) to €162m (£151m). Hugo Boss’ sales in China were up 24% (32% on a currency adjusted basis).

Hugo Boss opened 43 stores during the period with a total of 330 at the end of the fiscal year.


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