Companies

Hugo Boss sees 2011 growth on China

(Agencies)
Updated: 2011-04-28 16:47

German fashion house Hugo Boss reported a jump in sales and profits for the start of 2011 and confirmed its outlook for the year on Asian demand for European luxury labels.

Hugo Boss, majority-owned by private equity firm Permira, forecast 2011 sales up at least 12 percent and core profit up 15 percent, with growth to be driven by China and the United States and expansion of its network of own stores.

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"The first quarter results confirm that we have carried our momentum from 2010 into 2011," Hugo Boss Chief Executive Claus-Dietrich Lahrs said in a statement on Thursday.

Group sales for the first quarter rose 21 percent to 539 million euros ($790.7 million), with core profit before special items up 43 percent at 132 million.

Net income for the first quarter rose 48 percent to 83.5 million euros.