May 5, 2020 / 5:49 AM / 25 days ago

Hugo Boss expects virus hit to worsen before recovery

BERLIN, May 5 (Reuters) - German fashion house Hugo Boss said it expected the impact of the coronavirus pandemic to be worse in the second quarter after it reported that sales fell a currency-adjusted 17% in the first, but added that it was seeing signs of a rebound in China and online.

The company reported first-quarter sales of 555 million euros ($605.34 million), ahead of average analyst forecasts for 548 million, while its loss before interest and taxation came in at 14 million, bigger than average forecasts for 6 million.

It expects second-quarter sales to fall by at least 50% but said it is confident the retail environment will gradually improve from the third quarter, positively impacting sales and earnings in second half of year. ($1 = 0.9168 euros) (Reporting by Emma Thomasson Editing by Michelle Martin)

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