The fashion group Hugo Boss is cutting its forecast for the year as a whole.

The MDax-listed company announced on Monday evening that this was due to the ongoing macroeconomic and geopolitical challenges that continue to weigh on global consumer demand. These factors contributed to a further slowdown in industry growth and impacted Hugo Boss' sales and earnings performance in the second quarter. The general market environment remained challenging, particularly in important markets such as the United Kingdom and China.

Against the background of the business development in the second quarter and the continuing uncertainties regarding the further development of the global consumer climate, Hugo Boss now only expects an increase in sales of between one and four percent to between 4.2 and 4.35 billion euros. Previously, an increase of between three and six percent had been predicted. The new forecast includes the expectation that currency effects will have a slightly negative impact on sales development in 2024. In addition, profit (EBIT) is now expected to range between minus 15 and plus five percent to between 350 and 430 million euros. Previously, the forecast was plus five to plus 15 percent.

According to the information provided, turnover fell by one percent to 1.015 billion euros in the second quarter. On a preliminary basis, the operating result (EBIT) amounted to 70 million euros, compared to 121 million a year ago.

(Report by Ralf Bode, edited by Katharina Loesche. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)