H&M dives into the red and rules out dividend payment
Retail giant H&M reported a loss for the December-February period this morning and confirmed it will not propose a divided at its upcoming annual general meeting.
However, the Stockholm-based clothing giant did not rule out a divided later in the year.
The world’s second-biggest fashion retailer pre-tax loss during the fiscal first quarter was $159m, compared to a profit of $286m a year earlier.
China
The company stressed this morning that it has no intention to scale back operations in China, following a recent backlash with regards to comments made about China’s Xinjiang region.
“We are dedicated to regaining the trust and confidence of our customers, colleagues, and business partners in China,” the company stressed in a statement this morning.
“By working together with stakeholders and partners, we believe we can take steps in our joint efforts to develop the fashion industry, as well as serve our customers and act in a respectful way,” H&M added.