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Hugo Boss Exec Resigns

June 4, 2002

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FRANKFURT, Germany (AP) _ German clothing maker Hugo Boss has replaced the head of its operations in the United States, where sales have fallen and the company recently reported ``inventory discrepancies″ that led the company to cut its earnings forecast.

Tony Lucia, previously vice president for sales, will take over from Marty Staff, who resigned, a company press release said Monday. The statement didn’t give further details.

Last week, the company said net earnings would fall to 95 million euros ($89 million) this year from 107 million euros last year, primarily due to ``inventory discrepancies during stocktaking in the United States along with a continuing weak U.S. economy.″

U.S. sales fell 19 percent in the first quarter compared to the same quarter the year before, the company said in May.

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