BERLIN (dpa-AFX) - German luxury fashion brand Hugo Boss AG (HUGSF.PK) reported that its third-quarter net income attributable to equity holders of the parent company edged down slightly to 80.3 million euros from 80.6 million euros in the year-ago period. Earnings per share declined to 1.16 euros from 1.17 euros in the prior-year quarter.
The company attributed the decline in net income to an increase in the tax rate. The increase in the tax rate arose from the expectation of a higher full-year tax rate for which corresponding deferrals were recognized in the third quarter.
Operating result, or EBIT, rose 5 percent to 114.9 million euros from 109.5 million in the year-ago period. EBITDA before special items was 142.9 million euros, down 1 percent from 144.5 million euros, in the same period last year.
Net sales for the quarter increased 1 percent to 710.7 million euros from 703.0 million euros last year. The Group's currency-adjusted sales increased by 3 percent in the quarter.
Retail comp store sales for the quarter increased 5 percent.
Looking ahead, Hugo Boss raised its full-year 2017 sales guidance. It now expects Group sales to increase by a low single-digit percentage rate on a currency-adjusted basis in 2017. Previously, the company forecast largely stable development.
In addition, the Group specifies its earnings forecast for the full year and now expects EBITDA before special items to remain broadly stable. Earlier, the company projected a change in EBITDA between minus 3 percent and plus 3 percent.
Copyright RTT News/dpa-AFX