Hugo Boss reports first US growth in two years

BERLIN

German fashion house Hugo Boss beat second-quarter expectations on Wednesday helped by restructuring and its first rise in US sales in two years, boosting its shares.

The company, known for its smart men’s suits, said US sales rose 2 per cent while sales in China jumped 14 per cent. After a string of profit warnings, Hugo Boss has been slashing prices in China to bring them closer to European and US levels, making efforts to appeal to younger customers, investing in its website and closing loss-making stores. Net profit jumped fivefold to 57.6 million euros ($68 million) reflecting year-ago restructuring costs. That topped an average analyst forecast of 53 million euros.