Retailer’s shares slump 14 per cent
H&M cast doubt over its full-year profit margin target on Thursday after missing quarterly earnings forecasts and predicting a fall in June sales, sending shares in the world’s No. 2 listed fashion retailer down almost 14 per cent.
CEO Daniel Erver said the group still believed in its 10 per cent operating margin goal for 2024 but that this had got harder to reach. “The most important prerequisite for achieving our goal is that sales growth is further strengthened in the second half of the year compared with the second quarter increase,” he added.
The Swedish group has struggled to win back customers, with its core of cost-conscious shoppers reluctant to spend as inflation ate into purchasing power.
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