March 5, 2020 / 6:53 AM / a month ago

Hugo Boss sees coronavirus hit to sales spreading from Asia

BERLIN, March 5 (Reuters) - German fashion house Hugo Boss warned on Thursday that the coronavirus will have a significant impact on its first-quarter results, with sales falling particularly in Asia, but also in other key markets.

Hugo Boss said it expects a gradual normalisation by the middle of the year, but it still foresees a major hit to 2020 results. It forecast currency-adjusted sales will rise from zero to 2%, including a single digit decline in Asia/Pacific.

It expects earnings before interest and taxation (EBIT) to come in at 320 million-350 million euros ($356-390 million) after a 4% fall to 333 million in 2019 as it invested in sprucing up its store network. ($1 = 0.8979 euros) (Reporting by Emma Thomasson Editing by Michelle Martin)

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