BERLIN, March 9 (Reuters) - Hugo Boss said it expected sales to stabilise in 2017 and profitability to start to recover as the struggling German fashion house managed to turn its business around in China after slashing prices there.
Hugo Boss said it expected currency-adjusted sales to be stable in 2017 after it reported a 4 percent fall in 2016 to 2.69 billion euros ($2.84 billion), in line with average analyst forecasts.
It forecast a change in earnings before interest, taxation, depreciation and amortisation (EBITDA) before special effects of somewhere between positive 3 percent and negative 3 percent, after a 17 percent fall in 2016 to 493 million.
Mark Langer, who took over as chief executive last May, is returning Hugo Boss to its roots selling smart men’s suits, reversing the course of predecessor Claus-Dietrich Lahrs, who sought to make the premium label more of a luxury brand and invested heavily in promoting its womenswear.
$1 = 0.9494 euros Reporting by Emma Thomasson; Editing by Maria Sheahan