German luxury fashion brand Hugo Boss has lowered expectations for the full year after a disappointing second quarter saw operating profit down by some 40%, the company said on Monday evening. Second quarter sales dropped by a good 1% to €1.015 billion ($1.105 billion) on a currency-adjusted basis, according to the company. Earnings before interest and taxes (EBIT) fell by some 40% to €70 million, Hugo Boss said, citing a 21% increase in marketing costs as well as “higher brick-and-mortar retail costs” of 12%. As a result, the retailer updated its outlook for the full year 2024 and is now expe…