H&M blamed high clothes prices, its exit from Russia and a cost-cutting programme for an unexpectedly large collapse in its earnings as the world’s second-largest fashion retailer’s struggles with profitability continue.
Operating profit plunged 87 per cent to SKr820mn ($80mn) in the fourth quarter to the end of November from a year earlier. Analysts expected an average of SKr3.7bn.
Shares in H&M fell 7 per cent to SKr121.94 in Friday morning trade, having lost nearly half of their value since their recent peak in April 2021.
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