BERLIN – Net profits at Hugo Boss slipped 2 percent in the first quarter to 64 million euros or $89.2 million as the financial crisis bit into sales of premium and luxury items.
First quarter EBIT was down three percent to 92 million euros or $128.2 million. Group sales for the period dropped 5 percent to 483.7 million euros or $674.2 million.
However, sales on the American continent increased by just under 4 percent to 79 million euros or $110.1 million.
Faced with economic uncertainty, wholesale customers held back, leading to a business-to-business sales decline of eight percent over the quarter. The group’s own retail business was much healthier, posting a 7 percent bump in sales.
For complete coverage, see Friday’s WWD.