STOCKHOLM—H&M, the world’s second-biggest fashion retailer, reported on Wednesday a smaller-than-expected increase in sales in the latest sign it is struggling to compete with Zara-owner Inditex. Shares in H&M were down 6 percent in early trade, underperforming the wider Swedish market. The Swedish group said sales measured in local currencies for the period, its fiscal…
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,…
H&M Shares Drop as September–November Sales Fail to Impress
COPENHAGEN—Shares in H&M, the world’s second-biggest fashion retailer, fell 4.5 percent in early Thursday trade as a 10 percent rise in net sales in the September–November quarter failed to match a recent pick up in some analysts’ expectations. H&M, which has struggled to keep up with bigger rival Zara, last month became the first big…
Sweden’s H&M to Lay Off 1,500 Staff in Drive to Cut Soaring Costs and Rescue Profits
November 30, 2022
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Business & MarketsCompaniescutseconomic policieseconomyEuropeh&minflationjobMarketsrecessionRetailerSwedishWorld
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COPENHAGEN—Swedish fashion giant H&M on Wednesday became the first big European retailer to start laying off staff in response to the cost of living crisis despite a still tight labor market, as it tries to save 2 billion Swedish crowns ($190 million) a year. The move by the world’s No.2 fashion retailer to reduce mainly…
H&M to Cut Costs as Profits Hit by Inflation, Cautious Shoppers
September 29, 2022
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STOCKHOLM—H&M, the world’s No.2 fashion retailer, launched a 2 billion Swedish crown ($177 million) cost savings drive on Thursday after reporting weaker-than-expected profits. In Europe, where H&M does the bulk of its business, the Ukraine conflict, record energy prices and high inflation are weighing on consumer confidence, and households are cutting back on spending. The…
Fashion Retailer H&M’s Sales Jump, but Investors Fret Over Margins
STOCKHOLM—H&M, the world’s second-biggest fashion retailer, posted a forecast-beating 17 percent jump in March-May sales, joining main rival Inditex in reporting a rebound in demand as pandemic restrictions have eased. Sales were, however, still lower than before the pandemic began. Investors also voiced concerns over profit margins ahead of H&M’s full quarterly earnings report due…
H&M Reaches $36 Million Settlement With New York Over Unused Gift Cards
NEW YORK—H&M will pay $36 million to settle accusations that the fashion retailer illegally kept millions of dollars in gift cards that customers never used, New York Attorney General Letitia James said on Thursday. The Swedish company, whose full name is H&M Hennes & Mauritz AB, will pay $28.26 million to the state and $7.74…
The CCP Attacked H&M, Which Immediately Caved
March 16, 2022
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Business & EconomyBusiness ColumnistsChinaChina Business & Economyh&mInternational RelationsOpinionThinking About China
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News Analysis The story of H&M in China is the story of a global brand getting bullied into not only silence on human rights issues, but likely active support for the priorities of the Chinese Communist Party (CCP). H&M is a small entity compared with the CCP, which controls an economy of $14.7 trillion ($24.3…
Supreme Court Overturns 9th Circuit Decision, Upholds Copyright Ruling Against H&M
The Supreme Court ruled 6-3 in a highly technical decision this morning that the often-reversed 9th Circuit Court of Appeals was wrong to invalidate a copyright infringement verdict that a clothing designer won against fashion retailer H&M. The appeal came after Vernon, California-based Unicolors won a nearly $800,000 award at the trial court-level against Sweden-based…
H&M Looks Beyond Pandemic With Drive to Double Sales by 2030
STOCKHOLM—Swedish fashion group H&M drew a line under the pandemic on Friday, reporting a bigger than expected jump in quarterly profit and hiking investments with the aim of doubling sales by 2030. Shares in the world’s second-biggest clothing retailer leapt 5 percent in early trade after it said it would double investments in 2022 to…
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