Hugo Boss reports 6% growth

German fashion brand Hugo Boss had reasons to celebrate after the company saw sales increase by 6% in the nine months of 2008.

In a statement the company said it achieved the results in the difficult financial climate against the equivalent period last year, when sales increased only 3%.

On the domestic German market, sales declined slightly by 3% from EUR 287 million in 2007 to the current figure of EUR 279 million. In the other European countries, Hugo Boss recorded an increase in sales of 4%, and 2% in the reporting currency to EUR 671 million. javascript:SetCmd(cmdSend); The Company's expansion strategy in markets such as Asia and the Americas played a major factor in its overall growth. The global expansion of the Group’s own retail business grew operations to 314 stores. With sales growth of 17%, they made a significant contribution to the development of Group sales in the last nine months.

As a result of the general economic situation characterised by ongoing numerous and unclarified business uncertainties, the Company management adjusted its sales and earnings outlook for fiscal year 2008.

In the context of a considerable decline of retail sales in important regions during the second half of 2008, expected sales growth for the whole of fiscal 2008 will be at the lower end of the previous 6-8% guidance range, slightly below the previous year valueing at approxinately 220 million.