Hugo Boss swings to 18m euro first quarter loss

Hugo Boss AG said today that it swung to a first-quarter loss as the coronavirus pandemic hit its business, and warned that it is anticipating a sharper decline in sales and earnings in the following quarter.

Boss reported an 18-million euro net loss for the quarter compared with a net profit of EUR37 million the previous year, MarketWatch reports. The company posted a 14 million euro operating loss.

The German premium-apparel company's sales for the quarter fell by 16 percent to 555 million euros, beating analysts' forecasts of 540.9 million euros, according to a FactSet consensus estimate. At constant currencies, sales declined by 17 percent said.

But the second quarter should be even tougher, the company said, warning that it expects its second-quarter sales to at least halve at adjusted currencies.