Hugo Boss posts 59 percent drop in Q2 sales

Announcing its second quarter results, Hugo Boss Ag said with approximately 50 percent of its global store network closed on average during the course of the second quarter, the company’s business was significantly impacted by the pandemic. The group sales declined to 275 million euros in the quarter, corresponding to a decrease of 59 percent against the prior-year period, both in reporting currency and currency-adjusted. While the company-owned retail sales decreased 58 percent, wholesale revenues fell 64 percent, both currency-adjusted. The company’s own online business, however, posted a growth rate of 74 percent.