Published 1 year ago

Fashion retailer H&M's profits tumble as costs bite

Summary by Ground News

Sweden's H&M reported a much larger than expected drop in September-November profit. Hit by weak consumer confidence and soaring costs that it did not fully pass on to price tags. Its shares were down 7% in early trade. The group flagged in November it would cut around 1,500 jobs and book a roughly 800 million crown restructuring charge in the fourth quarter.

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Reuters

Fashion retailer H&M's profits tumble as costs bite

Fashion retailer H&M's profits were almost wiped out in the September-November quarter by soaring costs, which the Swedish company held back from passing on in full to cash-strapped customers.

1 year ago·United Kingdom

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Channel News Asia

Fashion retailer H&M's profit tumbles as costs bite

STOCKHOLM :Sweden's H&M reported on Friday a much larger than expected drop in September-November profit, hit by weak consumer confidence and soaring costs that it did not fully pass on to price tags, sending its shares down 7 per cent in early trade. Operating profit in the period, the world's second-biggest

1 year ago·Singapore

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RTÉ

H&M's operating profit tumbles more than expected

Sweden's H&M has today reported a much larger than expected drop in September-November profit, hit by weak consumer confidence and soaring costs that it did not fully pass on to price tags.

1 year ago·Ireland

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The Epoch Times

Fashion Retailer H&M's Profits Tumble as Costs Bite

STOCKHOLM—Fashion retailer H&M’s profits were almost wiped out in the September-November quarter by soaring costs, which the Swedish company held back from passing on in full to cash-strapped customers. The world’s second-biggest fashion chain, which raised some prices, will continue with this pricing strategy even though it will not fully compensate for the higher costs, such as for energy, transport, and raw materials. Chief Executive Helena H…

1 year ago·New York, United States

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WTVB

Fashion retailer H&M’s Sept-Nov operating profit tumbles more than expected

STOCKHOLM (Reuters) -H&M, the world's second-biggest fashion retailer, reported on Friday a much larger dive than expected in September-November operating profit, slammed by soaring costs and weakening consumer confidence. Operating profit in the period, the Swedish group's fiscal fourth quarter, was 821 million Swedish crowns ($79.7 million)against 6.26 billion a year earlier and a mean forecast of 3.67 billion in a Refinitiv poll of analysts. …

1 year ago

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