Jul 31, 2008
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German retailer Hugo Boss posts second-quarter loss

Jul 31, 2008

FRANKFURT, July 31, 2008 (AFP) - The German clothing retailer Hugo Boss said on Thursday, July 31st that its second-quarter results remained in the red but confirmed its full-year forecast.

Collection Boss Selection d'Hugo Boss

Net loss for the quarter came to 6.1 million euros (9.5 million dollars), slightly better than the loss of 6.2 million in the same period a year earlier, a company statement said.

Core earnings before exceptional items showed a loss of 5.3 million euros, compared with a loss of 5.6 million in the previous year.

But for all of 2008, the company said it expected sales to grow by six-eight percent after currency adjustments, and for core earnings to gain eight to 10 % before exceptional items.

In the first six months of the year, net profit fell by 7.7 % to 59.1 million euros following a change in management.

The company's main shareholder, the British investment fund Permira, obtained the departure of the head of both the management and supervisory boards, who opposed the attribution of generous dividends.

First half sales rose by five percent to 831 million euros on solid results from North America and Asia, the company said.

Results were also boosted by the launch of a line of children's clothing and expanded jewelry activities, it added.

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