Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Hugo Boss downgrades expectations amid China, UK weakness
(Sharecast News) - Shares in German fashion house Hugo Boss were sliding on Tuesday morning, after the company downgraded its sales and earnings projections for the year amid diminished consumer demand, particularly in China and the UK. The company said it now anticipated full-year sales to range between €4.2bn and €4.35bn, down from the previously-forecasted €4.3bn to €4.45bn.
It also expects its operating profit to be between €350m euros and €430m, a decrease from the earlier estimate of €430m to €475m.
For 2023, the company had reported an operating profit of €410m.
In the second quarter, Hugo Boss's operating profit reached €70m, which fell short of market expectations by 33% according to Deutsche Bank.
The initial guidance for the year, released in March, had already underwhelmed analysts, Reuters reported.
In May, Hugo Boss highlighted weaker demand in China and potential concerns over US consumer sentiment ahead of the presidential elections.
The announcement came in the wake of similar reports from other luxury brands across Europe.
Swiss watchmaking giant Swatch Group, which owns brands including Omega and Tissot, as well as luxury conglomerate Richemont, had reported sluggish demand in China.
On home shores, Burberry Group shares plunged on Monday after it issued a profit warning and cancelled its dividend payment for the year.
At 1227 CEST, shares in Hugo Boss AG were down -9.12% in Frankfurt at €36.69.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.