H&M shares drop 7% on missed profit and abandoned margin target, negative.

From CNBC: 2024-09-26 03:42:56

H&M shares dropped 7% after missing on operating profit and abandoning earnings margin target. Operating profit for Q3 was 3.51 billion Swedish crowns, down from 4.74 billion a year ago. Analysts expected 4.93 billion. H&M cited challenging conditions, projecting an operating margin below 10% for 2024.

CEO Daniel Ervér expressed confidence in the plan to boost sales and profitability despite the setback. H&M’s stock took a sharp dive after the announcement, ranking poorly on the pan-European Stoxx 600. This is developing news, stay updated for more information.



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