Hugo Boss posts 30 percent profit rise in third quarter

German fashion retailer Hugo Boss announced on November 03 a strong rise in profits in the third quarter of this year, driven by strong demand in all of its main markets. Boss said in a statement its bottom-line profit jumped by 30 percent to 119.7 million euros ($165 million) in the period from July to September on a 14-percent increase in revenue to 615 million euros.
On the basis of the positive third-quarter results, the group was "confident of achieving our full-year sales and profit forecasts," said chief executive Claus-Dietrich Lahrs.
Full-year revenues were set to rise by 15-17 percent, driven primarily by strong growth in China and the United States, and underlying profits would grow by 25-30 percent, Lahrs predicted. In 2010, the group posted record net profit of 190 million euros, underlying profits of close to 350 million euros and sales of 1.73 billion euros.