From CNBC: 2024-06-27 04:02:15

Shares of H&M dropped over 14% after reporting lower-than-expected second-quarter profits in London. Operating profit was 7.1 billion Swedish kroner, missing analyst estimates of 7.37 billion Swedish kroner. June sales are forecasted to decline by 6%, impacting full-year margin target of 10%. The company plans to invest in online and in-store experiences amidst challenging market conditions. Luxury and high street retailers are feeling the impact of rising living costs and decreased spending following the pandemic. Competitive pressure is also increasing with Chinese fast fashion giant Shein filing for a public listing in London.



Read more at CNBC:: H&M plunges 13% on doubts over full-year margin target, June sales outlook