BERLIN: Hugo Boss AG, the embattled German fashion retailer, reported its biggest drop in quarterly profit in at least six years as costs increased and it considers shrinking its store network.
Earnings before interest, taxes, depreciation and amortization and other items declined 29 percent to 93.5 million euros (US$108.45 million) in the first quarter, the Metzingen, Germany-based company said in a statement.
The average analyst estimate was 96 million euros. Sales fell 4 percent to 643 million euros, compared with analyst estimates of 647 million euros. The company said in coming months it would decide whether to close some of its shops.
