The German fashion concern Hugo Boss is plummeting by 11 percent to the lowest level since 2021 in morning trading on the Frankfurt Stock Exchange. A lowered profit forecast due to headwinds on the Chinese and British markets is behind the price collapse.
The operating result is expected to be 350-430 million euros this year. This can be compared to an earlier forecast of 430-475 million euros. The sales forecast is simultaneously being lowered to 4.20-4.35 billion euros this year, which is a smaller increase compared to the previous year than expected.
Earlier in the week, others in the industry have also faced headwinds, including British Burberry, whose stock plummeted after a profit warning and news that the CEO would be fired.
Watch manufacturer Swatch, from Switzerland, also took a hit on the stock exchange after a weak report, where profits plummeted 70 percent.
