Hugo Boss CEO Claus-Dietrich Lahrs resigned in February 2016 after the German fashion retailer cut its profit outlook for the second time in six months. The stock, which had lost a quarter of its value since Hugo Boss cut its targets in late February, rose about 4%—about the same amount it gained when the German-born Lahrs was named CEO in 2008. Lahrs’s successor will have to contend with weakening sales in the U.S. and China, which prompted the clothier to forecast a low double-digit percentage decline in full-year EBITDA. Hugo Boss also said it would not reach its goal of an adjusted operating margin of 25%. The revision was the second in less than six months for the fashion label.
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