Hugo Boss shares plunge

Shares in German clothier Hugo Boss plunged after saying its profit will decline by at least 10% this year due to weaker-than-expected sales in the US and China.

Earnings before interest, taxes, depreciation, and amortisation (ebitda), and excluding special items, will decline by a “low double-digit” percentage this year, the company said.

The company will also miss its goal of an adjusted operating margin of 25%. Shares fell 20% to €55.55 in Frankfurt, the most since October 2008.