Hugo Boss shares plunge 9% as the firm cuts guidance.

The shares of Hugo Boss plunged as much as 10% Tuesday after the company reduced its sales outlook. The German fashion house said Monday that it expects full-year sales of up to 4.35 billion euros, down slightly from a previous forecast. China and the U.K. are particularly challenging markets, and the company attributed the revised outlook to them. Daniel Grieder said in a statement that the company's performance in the second quarter was affected by global macro uncertainty. Although the timing of any macro recovery is uncertain, our strategy of consistently investing in our strong brands, BOSS and HUGO, gives us confidence in our ability to continue driving above-trend growth and capturing further market share." The company has revised its guidance twice so far this year, the first being in March when it said that sales growth would slow to 3% to 6%.