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H&M Q4 sales disappoint due to late Black Friday

  • H&M reported a slight increase in operating profit of 17.3 billion Swedish Krona for 2024, exceeding analyst forecasts of 17.2 billion Swedish Krona.
  • Fourth-Quarter sales reached 62.19 billion Swedish Krona, falling short of the 63.48 billion Swedish Krona forecast in a Reuters poll.
  • The company faces challenges from competitors like Inditex-owned Zara and fast fashion giant Shein, prompting H&M to scrap its earnings margin target for 2024.
  • CEO Daniel Ervär stated that the company is on track for long-term growth, attributing increases in sales and profit to strong online sales and effective cost control.
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