HUGO BOSS EXPECTS SLOWER SALES IN 2012
German fashion house Hugo Boss said sales growth would slow in 2012, after a record year driven by demand from Asian consumers seeking European luxury names, Reuters reported.
Luxury companies, such as LVMH, Richemont and Burberry saw sales and profits jump last year and with China cutting its growth forecast for this year, many still see growth, but not at the same heady rates as in 2011.
Hugo Boss, known for its sharp men's suits, said it expected currency-adjusted sales to rise by up to 10 percent in 2012, with growth coming from all regions, compared with 19 percent in 2011.
Core profit - earnings before interest, tax, depreciation, amortization and special effects - would rise at a faster rate than sales, the group said on Wednesday, March 14.
The group, known for its mens' suits, had already reported preliminary 2011 results showing sales of 2.06 billion euros ($2.7 billion) and core profit up 34 percent to 469 million.
It has set itself a target of reaching sales of 3 billion euros and core earnings of 750 million in 2015.
- 1884 Birth in Batoom of Levon Takhtajian, lecturer of Yerevan State University (agricultural economy and linguistics).
- 1901 Birth of Kostandeen Hakobian, Scientist, Doctor and Professor of Agricultural Sciences, in Meerzeek. He got a State Award for the creation of a Kazakh species of white-headed cattle.
- 1914 Birth of Balasan (Vruyr Balasanyan), translator and writer, in Moscow, .
- 1918 Start of the Trebizond negotiations between the delegations of Turkey and the Transcaucasian Seym. The German-Turkish attack took place at the same time. The negotiation effort was in vain as the Mensheviks, led by Chkhenkely, agreed to cede to the territorial demands of Turkey.
- 1921 Start of the Red Army's extensive attack on Yerevan, which ended in its victory two weeks later.
- 1921 End of the London Conference. It made indefinite allusions to a national home for the Armenians in Western Armenia. The Turkish part rejected it later.