imageStock Markets6 minutes ago (Oct 14, 2021 02:50PM ET)

(C) Reuters. FILE PHOTO: An employee displays suits at the Hugo Boss section of the Central Universal Department Store (TsUM), on the first day after ending a coronavirus lockdown, in Kyiv, Ukraine January 25, 2021. REUTERS/Valentyn Ogirenko/File Photo

FRANKFURT (Reuters) – German fashion retailer Hugo Boss on Thursday raised its outlook for the current year after third-quarter earnings rebounded above pre-pandemic levels on the back of strong demand in Europe and the Americas.

The group now expects sales to grow by about 40% in 2021 on a currency-adjusted level, up from a previous target growth range of 30-35%. Operating profit (EBIT) is now seen at 175 million to 200 million euros ($203-232 million), compared with a previous forecast for 125 million to 175 million euros.

While noting a strong business recovery in Europe and the Americas, “renewed COVID-19 related restrictions, including temporary store closures, weighed on consumer sentiment in various key markets” in the Asia/Pacific region, it said.

Third-quarter sales and EBIT stood at 755 million euros and 85 million, respectively, which represents a rise not only compared with the past year but also with regard to 2019, before the COVID-19 pandemic hit the sector, Hugo Boss said.

Frankfurt-listed shares in the company, which is expected to publish full third-quarter results on Nov. 4, rose 2.6% on the news.

($1 = 0.8629 euros)

Hugo Boss raises 2021 outlook after strong third quarter

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Hugo Boss raises 2021 outlook after strong third quarter