Print Edition - 2017-12-16  |  Money Digest

Clothing giant H&M to close more stores

- AFP, STOCKHOLM

Dec 16, 2017-

Swedish clothing giant Hennes & Mauritz on Friday said sales fell below expectations in the fourth quarter and it would close more stores as customers increasingly prefer to shop online. H&M CEO Karl-Johan Persson said in a statement that the company’s “online sales and sales of the group’s other brands continued to develop well” but that physical stores “were negatively affected by a continued challenging market situation with reduced footfall to stores due to the ongoing shift in the industry”. Sales between September and November dropped by four percent compared to the same period last year to 50.4 million kronor (5 million euros, $5.9 million). In local currencies, sales fell by two percent. On Friday morning, the company’s share price plunged by 15 percent in the Stockholm Stock Exchange. 

Published: 16-12-2017 08:40

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