FRANKFURT, July 31 German fashion house Hugo
Boss said sales slowed in Asia in the second quarter
of the year, although it maintained its outlook for the year as
sales in Europe surged.
Demand from Asia has shielded luxury companies from the
worst of the European slowdown, but with China's economy on
track for its slowest full year of growth since 1999, there are
concerns over luxury sales.
Hugo Boss had warned back in April that the market in China
The German company on Tuesday reported second quarter sales
of 485 million euros ($594 million), a rise of 14 percent on a
currency-neutral basis, compared with analyst forecasts for 462
Sales rose by 17 percent in Europe, 11 percent in the
Americas and just 4 percent in Asia. First-quarter sales in Asia
were up 9 percent
Hugo Boss confirmed a forecast for sales to rise by up to 10
percent in 2012, and said on Tuesday it expected core profit to
grow 10-12 percent.
It reported second-quarter earnings before interest, tax,
depreciation, amortisation and special items (EBITDA) of 78
($1 = 0.8168 euros)
(Reporting by Victoria Bryan)