Hugo

Hugo Boss expects 50% sales drop next quarter as crisis impact worsens

By Emma Thomasson

BERLIN (Reuters) – Hugo Boss is seeing signs of a sales rebound in China and online, but expects the impact of the coronavirus crisis to worsen before any recovery kicks in after first quarter sales fell by 17%, which knocked its shares.

Although Hugo Boss has begun reopening stores in Germany and Austria in recent weeks, its chief executive Mark Langer said shoppers were still few and far between in German cities.

The company expects second quarter sales to fall by at least 50% as three quarters of its stores are still closed. But is confident the retail environment will gradually improve from the third quarter of the year, supporting sales and earnings.

Hugo Boss said online sales jumped 39% in the first quarter to account for 11% of total sales and accelerated again strongly in April, with sales more than doubling on its own site and

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