Hugo Boss shares plummet
Company cites the decline in American retail and Hong Kong protests as key factors
Hugo Boss shares fell by as much as 8% in mid-morning trading. The veteran German clothing maker cited the deteriorating American retail environment as a contributing factor to its poor performance.
The company also stated that it has been "substantially negatively affected" by the political unrest in Hong Kong. The protests started in June and have continued intermittently throughout the summer and into autumn.
Hugo Boss is forecasting 2% same-store sales growth for the third quarter and flat sales on a constant currency basis.
The company now expects total 2019 sales growth at a low single-digit percentage rate, having previously forecast growth of around 5%.
It previously forecast an operating profit at the lower end of around 7% at this point in 2019. Its operating profit fell from €92m to €80m (£81m to £70m, $101m to $88m).