H&M’s summer sales flatline after rival Zara owner cheers boost Retail Fashion chain H&M has revealed its sales flatlined in the latest quarter after its biggest rival Zara owner Inditex cheered a stronger performance. The Swedish retail giant said its net sales, in local currencies, were flattish over June to September, compared to the same period last year. The weaker-than-expected quarterly update suggests that the chain [...]
Cold weather weighs down ‘flattish’ sales for H&M – but Swedish chain has reasons to be cheerful flattish Fashion chain H&M has revealed weaker-than-expected sales over the latest quarter after demand was weighed down by chilly weather. The Swedish retail giant, however, added that June trading has started well amid improving conditions, driving an increase in shares in early trading. It told investors on Thursday morning that net sales were “flattish compared with [...]
H&M axes four UK stores outside London as retailer warned it needs to ‘raise its game’ to differentiate from rival fashion chains H&M store closures H&M has announced plans to shutter four of its stores across the UK due to a “rapid change” in customer behaviour. None of the fashion retailers’ London sites have been impacted by the move, however stores in Hartlepool, Maidenhead, Newport in Isle of Wight and Burton are set to close. A spokesperson for H&M UK [...]
H&M sales fall back after warm weather dented September shopping December 15, 2023 H&M Group has reported stagnant sales in recent months as the international fashion retailer faces a slowdown in consumer spending and the knock-on impact of closing stores in Russia. Between September and November, net sales fell by 4% in local currencies compared with the same period last year, totalling 62.6 billion Swedish krona (£4.8 billion). [...]
Fashion brand Lands’ End pins growth hopes on ‘renewed strategic focus’ after losses widen February 12, 2024 The UK arm of US fashion brand Lands' End is hoping a "renewed strategic focus" will help it return to growth in the coming years.
Zara owner sees sales soar to £28.8bn as young shoppers shrug off cost of living crisis to splash cash on latest trends March 15, 2023 The owner of high street fashion chain Zara said young shoppers remained to spend cash on the latest trends despite rising inflation and the cost of living crisis. Inditex, which also owns popular brands such as Pull&Bear and Bershka, reported a sales growth of €32.6bn (£28.8bn) up 17.5 per cent from the same period last [...]
H&M slashes 1,500 jobs as shoppers pull back on fashion spending November 30, 2022 The world’s second largest fashion retailer has announced a wave of lay-offs as the apparel sector grapples with weakening demand from shoppers. The Swedish apparel giant said around 1,500 job cuts come as part of a plan set out earlier this autumn to save around 2bn Swedish crowns (£160m) each year. “We are in a [...]
Whether it’s Shein or Vinted, we’re addicted to buying clothes for pennies November 30, 2023 Business is booming for both Shein and secondhand retailers. The link? We're addicted to buying clothes for nothing, writes Anna Moloney.
H&M warns more price increases could be on the way for shoppers as ‘many challenges’ continue June 29, 2022 The second largest global fashion firm H&M has warned it plans to hike prices even further this year. The Stockholm-based retailer posted pre-tax profit of 4.78bn Swedish crowns ($471m) on Wednesday, surpassing analysts’ expectations. Profit boosted by 33 per cent compared to the same period last year. The buoyant half-year results came after the fashion [...]
H&M to wind down business in Russia after reopening stores to get rid of clothes July 18, 2022 The world’s second-largest fashion retailer H&M has said it will start winding down business in Russia, citing “the unpredictability of the future.” The Swedish clothing chain also blamed “current operational problems,” after it suspended sales in the country on 2 March. It is the latest firm to confirm a more permanent withdrawal of business in [...]