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Business

Hugo Boss Raises Sales Forecast

German fashion house Hugo Boss said on Wednesday it would increase its full-year sales forecast for the current year after business got off to a favourable start in the first three months. Hugo Boss said in a statement that bottom-line net earnings rose by 17 percent to 51.7 million euros ($67 million) in the period from January to March on a 14-percent increase in sales to 405.6 million euros. For the year as a whole, Hugo Boss raised slightly its sales forecast despite sluggish demand in the ready-to-wear fashion sector, predicting a 10-percent rise in sales, up from an earlier prognosis of seven-to-nine percent. Furthermore, the company said it was pencilling in full-year net profit of around 100 million euros, an increase of 13.6 percent from 88 million euros in 2004. Previously, Hugo Boss had expected earnings to rise in line with sales this year. "We have grown a lot faster than the market as a whole," boasted chairman Bruno Saelzer. The women's collection, Boss Woman, was again the main engine of growth, with sales rising by 37 percent to 36 million euros.

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