The worst corona shock seems to have been overcome: The Hugo Boss fashion house is back in the black. The profit of the Metzingen company was three million euros after heavy losses.
The fashion manufacturer Hugo Boss returned to profitability in the third quarter. The bottom line was that the group, known for its men’s suits, earned three million euros, according to a statement on Tuesday.
In the previous quarter, Hugo Boss had recorded high losses after most of the shops were closed as a result of the corona-related restrictions. Compared to the previous year, when the company still achieved a profit of 56 million euros, it was significantly less.
Online business and sales in China are growing
Sales fell in the quarter by 26 percent to 533 million euros. While local demand in important markets has increased significantly compared to the previous quarter, business with tourists has still suffered severely from international travel restrictions, it said.
The group positively mentioned the sustained dynamism in the online business and in the Chinese market. The operating result (EBIT) fell from 83 million to 15 million euros. Here, too, the fashion retailer returned to positive territory compared to the previous quarter. Hugo Boss did not give an outlook due to the uncertainties in connection with the pandemic.