OPERATING PROFIT
Hugo Boss gets boost in China
The German fashion house perks up as sales recover in China and Britain
Berlin — German fashion house Hugo Boss said 2016 operating profit would fall less than feared following a fourth-quarter sales recovery in China and Britain, sending its shares as much as 10% higher on Monday. Revenue in Asia, where Hugo Boss makes almost a fifth of sales, rose a currency-adjusted 5% in the fourth quarter, recovering from a 3% fall in the third after it cut prices in China closer to European and US levels. The firm said like-for-like sales had risen almost 20% in mainland China, adjusted for currency effects. It publishes final 2016 results on March 9. Shares in the company, down 12% in the past year after sliding profits and analyst downgrades, were up 8.6% on Monday. Reuters
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