Hugo Boss said on Thursday it anticipates its operating profit to increase by 5% to 15% in 2024, below market expectations, as it flags persistently weak consumer confidence, in particular in distinct European economies.

The German fashion house estimates earnings before interest and taxes (EBIT) to come in a range of 430 million to 475 million euros in 2024, below analysts estimates of 490 million euros ($534.10 million) in a company-provided poll.

Hugo Boss confirmed its preliminary figure for an operating profit of 410 million euros in 2023.