By Olivia Bugault
Hugo Boss AG said Tuesday that it swung to a second-quarter loss due to the coronavirus pandemic but that it expects the situation to improve in the last six months of the year.
Hugo Boss reported a net loss of 186 million euros ($218.8 million) for the quarter compared with a profit of EUR52 million a year earlier.
The company posted an operating loss of EUR250 million compared with a positive operating result of EUR80 million the year prior.
The German premium-apparel company's sales for the quarter fell 59% to EUR275 million, falling short of analysts' forecasts of EUR305 million, according to a FactSet consensus estimate.
Looking ahead, Hugo Boss said it expects a gradual improvement in the second half of the year but still can't provide a reliable forecast for 2020 due to continuing uncertainties.
Hugo Boss said its e-commerce business accelerated during the second quarter thanks to double-digit sales improvement in Europe, the Americas and Asia-Pacific.
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