Curtis Wool Direct

H&M profits sink amid weak sales

Buy and sell wool 24 hours a day, 7 days a week from anywhere in the world. Click here.

Swedish fashion giant H&M – the world’s second-biggest clothing chain – has posted a 61% profit fall for the three months to February amid weak sales.

Its outlets, which include mid-market chains & Other Stories and Cos, made 1.26bn Swedish crowns (£108m).

Recently it warned of weaker demand in some stores and also said sales had fallen for the second quarter in a row.It said higher levels of stock would mean greater price discounting in the next three months.

Shares fell 5% in early trading to their lowest level since 2008.

H&M employs 171,000 people worldwide in its 4,700 stores.It has outlets in 69 countries, with the US, Germany and the UK its top three markets by number of stores.

This year it is planning to open 220 new stores. Most will be H&M stores, but 90 will be its newer spin-offs including & Other Stories, Cos and Monki.

The company said stock levels rose by 7% in the quarter, compared with last year, partly thanks to its continuing expansion, but also because of weak sales in the previous quarter.

H&M said that rise was higher than planned, and would mean “increased markdowns” in the second quarter of 2018 compared with last year.

However, the retailer said it expected sales and profits to return to growth. “We take a long-term view that, together with our knowledge and experience enable us to navigate through times such as this… back to healthy growth in both sales and profitability.”

 

Source: BBCNews

Share This Article

America
Argentina
Australia
Belgium
Britain
Canada
France
Germany
Hungary
India
Italy
Malaysia
New Zealand
Russia
South Africa
Spain
Turkey
Uruguay
Wool Promotion
Buy Alpaca from
Mohair
Wool & Specialty Fibre
Tops & Yarn Dyeing
Wool & Top Treatment 
Buy Yarn From
Textile Machinery
Wool Magazines

Interested in reaching buyers in China? Advertise in wool2yarn China magazine and reach major importers of wool and speciality fibre, topmakers, spinners, weavers and textile companies in China, in their own language, breaking down the language barrier. This publication is circulated to 5000 major textile companies in China, Hong Kong and Taiwan and is a buyer’s guide and information source for the year ahead. See More.


Reach buyers in 58 countries – advertise in wool2yarn global magazine. Published once each year (September) it is circulated to over 5000 textile companies. Readership includes importers of wool and speciality fibre, topmakers, spinners and weavers, manufacturers of yarn, knitwear, carpet, and blankets, producers and importers of fabrics, bedding products, garment manufacturers, and brands and retail chains. See more.

Wool Reports
Buy Wool, Wool Tops, Yarn Online
Wool Testing
Wool Logistics
Wool Grease
Wool Products Online
Second Hand Textile Machinery