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Hugo Boss hopes for pickup after weak first quarter

Published 03/05/2016, 06:57
Updated 03/05/2016, 07:00
© Reuters. A woman walks past Hugo Boss store logo on a shopping center at the outlet village Belaya Dacha outside Moscow
BOSSn
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BERLIN (Reuters) - German fashion house Hugo Boss (DE:BOSSn) reported lower-than-expected sales and profits for the first quarter but said it was hopeful for an improvement in the second half of the year as it takes steps to stop sliding sales in the United States.

Quarterly net profit fell 49 percent to 38.5 million euros (30.2 million pounds) on sales down 4 percent to 643 million, missing average analyst forecasts for 45.8 million euros and 649 million respectively.

© Reuters. A woman walks past Hugo Boss store logo on a shopping center at the outlet village Belaya Dacha outside Moscow

Hugo Boss said it expected to make cost savings of around 50 million euros in 2016 by renegotiating rental agreements and would cut annual investment to between 160 million and 180 million euros, down from 220 million last year.

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