BERLIN (dpa-AFX) - German luxury fashion brand Hugo Boss AG (HUGSF.PK) reported Tuesday that its third-quarter net income fell 94 percent to 3 million euros from last year's 56 million euros.
Earnings per share were 0.06 euro, down 93 percent from 0.81 euro a year ago.
Operating result or EBIT was 15 million euros, down 83 percent from last year's 83 million euros.
Sequentially, EBIT returned to positive territory, driven by tight cost control and the successful execution of the Company's expense-reduction measures, and with great contribution coming from Online and mainland China.
Sales for the quarter declined 26 percent to 533 million euros from last year's 720 million euros. Currency-adjusted sales declined 24 percent.
The company's own online business was able to maintain its strong momentum, with currency-adjusted sales up 66 percent in the third quarter.
Momentum in mainland China accelerated with revenues up 27 percent.
In Europe, currency-adjusted sales declined by 21 percent against the prior-year period.
Yves Müller, Spokesperson of the Managing Board of HUGO BOSS, said, 'Further driving the global recovery of our business will remain a key priority for us as we approach year-end. At the same time, we will continue to push ahead with the execution of our strategic initiatives to return to our former growth trajectory.'
Copyright RTT News/dpa-AFX