Hugo Boss AG raised its 2021 targets as its third-quarter sales and earnings exceeded pre-pandemic levels and market expectations, the company said Thursday, citing preliminary results.
The German premium-apparel maker said it was revising up its outlook and now expects sales adjusted for currency to rise by roughly 40% this year, which compares to a previous forecast of a growth of between 30% and 35%. Its earnings before interest and taxes should now come between 175 million and 200 million euros ($203 million-$232 million) for the year, it said. Hugo Boss previously said it was expecting EBIT between EUR125 million and EUR175 million.
Pearson Sees 2021 in Line With Market Views
Pearson PLC said Friday that it has made good strategic progress in the first nine months of the year, and that it was in line with full-year adjusted operating profit market consensus.
The FTSE 100 education company said it experienced a strong performance in Assessment and Qualifications over the period, offsetting declining enrolments in Higher Education, with group underlying revenue up 10%.
Eurozone Exports Rose on Month in August, Trade Surplus Declined
Eurozone exports rose in August for the second consecutive month, posting a modest increase amid slower global trade.
The European Union's statistics agency said Friday that the currency area's exports rose by 0.3% in August from July, while imports increased 1.6%, both adjusted for seasonal variations. The seasonally adjusted trade surplus was 11.1 billion euros ($12.9 billion) compared with EUR13.5 billion in July.
EU New Car Sales Fell in September Amid Chip Shortage
Passenger-car registrations in the European Union declined in September amid the current shortage of semiconductors, the European Automobile Manufacturers Association said on Friday.
New car registrations--a reflection of sales--declined 23% year-on-year to 718,598 vehicles for the month, said the association, also known as ACEA. The EU's major markets--Spain, France, Italy and Germany--all reported strong decreases.
U.S., European Nations Claim Progress on Path to Removing Digital Taxes
The U.S. and five European countries have reached an agreement on how those countries' digital-service taxes would be withdrawn as a broader international agreement moves forward, French Finance Minister Bruno Le Maire said on Thursday.
The deal isn't likely to yield an immediate withdrawal of those taxes because it is still linked to the broader global tax agreement being completed and implemented over the next few years. But having a path forward could ease tensions between the U.S. and France, Italy, the U.K., Austria and Spain.
GLOBAL NEWS
Consumer Spending Seems to Be Steady Despite Supply Crunch
U.S. consumers continue to spend, despite supply constraints causing a shortage of vehicles and other goods.
Economists surveyed by The Wall Street Journal estimate that September retail sales fell a seasonally adjusted 0.2% in September from the previous month, with car purchases declining as few vehicles were on dealer lots. Excluding autos, sales are estimated to have risen 0.5% as households shrugged off the end of enhanced unemployment benefits and high Covid-19 case levels caused by the Delta variant.
Trading Furor Complicates White House Decisions on Fed Leadership
Federal Reserve Chairman Jerome Powell's chances for a second term leading the central bank so far have been dented but not derailed by a reputational crisis over stock-trading disclosures by senior officials.
Mr. Powell, a Republican, has been the front-runner to keep the job when his term expires early next year. But questionable trading activities by two Fed bank presidents, first reported last month by The Wall Street Journal, cast a cloud over his prospects by giving a vocal minority of Democrats who already opposed his nomination new grounds to call for his replacement.
Fed's Thomas Barkin Unsure Economy Can Recover All Jobs Lost in Pandemic
Federal Reserve Bank of Richmond President Thomas Barkin said changes in the economy could mean that some workers who left the job market during the pandemic won't return.
Citing the number of pre-pandemic jobs that haven't been recovered, Mr. Barkin said, "I'm in the mood of giving a little more time to see whether these five million people come back" to the labor force, but added that might not happen, during a speech in New York on Thursday.
Biden to Press Climate Agenda on Wall Street
WASHINGTON-Calling climate change a systemic risk to the financial system, the White House will release a report Friday outlining its strategy for new rules that could affect investment disclosures, insurance policies and home loans.
The report outlines administration goals, including forcing financial firms to more directly address the risks of climate change, creating new protections for savings and pension plans and making climate change more a factor in federal budgeting and procurement.
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(END) Dow Jones Newswires
10-15-21 0607ET
