German fashion house Hugo Boss raised its full-year outlook after reporting a 20% jump in second-quarter sales as a brand revamp and marketing push helped it overcome sector-wide sluggish demand in China and the US
have come under pressure due to worries over the pace of China's post-pandemic rebound.
Deutsche Bank analysts said the market was already expecting a guidance increase, and said higher working capital "will be seen skeptically" given the retailer is battling high inventories. Hugo Boss said it expects a "gradual" normalisation of inventories to begin in the second half and is confident of bringing stocks down to less than 20% of group sales by 2025, from 56.6% at end-June.
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