German fashion retailer Hugo Boss has reported that its sales in the first quarter of the 2016 fiscal year plunged by 4 per cent to Euro 643 million as against Euro 668 million.
The company also informed that its sales were down by 3 per cent on a currency-adjusted basis. Sales in European region dropped by 2 per cent. However, Hugo Boss’ sales in the United Kingdom increased by 4 per cent in local currency. In the Americas, sales in the reporting period were 8 per cent lower than in the corresponding period last year. As per the company release, sales particularly in the US market dived 16 per cent, due to declines in the wholesale business as well as in own retail.
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Besides this, sales in the Asia-Pacific region fell by 5 per cent. In China, sales dropped by 11 per cent year-on-year excluding currency effects. France, Hong Kong and Macau also reported low sales. In mainland China, however, volumes increased around 10 per cent.
Hugo Boss is a luxury fashion house which was founded in the year 1924 by Hugo Boss and is headquartered in Metzingen, Germany.
