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Hugo Boss sales, profit helped by China, Britain
[BERLIN] German fashion house Hugo Boss reported a better-than-expected increase in first-quarter sales and net profit on Wednesday, helped by a recovery in China as well as growth in Britain, where the weak pound has boosted tourist spending.
Hugo Boss said net profit rose 25 per cent to 48 million euros (S$73.1 million) on sales up 1 per cent to 651 million euros, beating average analyst forecasts for 46 million and 641 million respectively, according to a Reuters poll.
The results add to signs of a pickup in demand for luxury goods, particularly in China, with companies including LVMH , the world's biggest luxury goods group, and Hermes recently reporting a recovery.