UBS remains neutral on the stock but lowers its target price to E40 (from E52) following the announcement of Q2 2024 sales and earnings figures.

Hugo Boss outperformed its peers in Q2 (-2% missed sales), but updated forecasts for FY2024 imply limited visibility of earnings momentum' says UBS.

Group sales fell by 1% after adjusting for currency effects to €1,015 million. EBIT amounted to €70 million (-42%), reflecting a downward trend in sales and strategic investments.

The Group is now targeting sales of around €4.20 billion to €4.35 billion (up +1% to +4%) and EBIT of between €350 million and €430 million ( 15% to +5%).

Hugo Boss was expecting sales up by 3% to 6% (between 4.3 and 4.45 billion euros) and EBIT between 430 and 475 million euros.

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