H&M losses worsen as pandemic hurts sales June 26, 2020 Losses at H&M were slightly worse than expected in the second quarter as shopper activity slumped amid the coronavirus pandemic. The world’s second biggest fashion retailer said its loss before tax in the three months to May was 6.48bn Swedish crowns (£559.4m), against a profit of 5.93bn crowns a year earlier. Analysts had on average [...]
H&M, Amazon and Boohoo among retailers to be quizzed by MPs over Uyghur slave labour links October 16, 2020 The bosses of retail giants including H&M, Amazon and Boohoo have been summoned to give evidence to a committee of MPs investigating the use of slave labour in the supply chains of UK companies. The Business, Energy and Industrial Strategy (Beis) committee is probing the extent to which businesses in the UK are exploiting the [...]
H&M sales halve during lockdown months as retailer hopes for June recovery June 15, 2020 Sales at H&M halved during the second quarter of the year, after the coronavirus lockdown forced it to close four-fifths of its global stores during the outbreak. The world’s second-biggest fashion retailer’s net sales for the three months to 31 May were 28.7bn crowns (£2.45bn), 50 per cent lower than the same period last year. [...]
H&M closes hundreds of stores as Europe battles coronavirus spread March 16, 2020 H&M’s share price dropped this morning after it announced it has shuttered hundreds stores across Europe as coronavirus continues to spread across the continent. The Swedish retailer’s share price fell more than 11 per cent this morning as it warned that sales had been affected this month due to the outbreak. The group has temporarily [...]
Mike Ashley’s Frasers Group snaps up Luton mall in £58m deal March 17, 2023 Mike Ashely’s Frasers Group has snapped up The Mall in Luton in a £58m deal as the retail giant expresses its “confidence in the future of the UK high street”. The Mall in Luton spans 900,000 sq. ft of space and is home to more than 150 retailers including Primark, TK Maxx, and H&M. It [...]
Sales surge for Zara owner Inditex as shoppers update summer wardrobe June 7, 2023 Zara owner Inditex reported a 16 per cent uptick in sales in its spring and summer collection, as the fashion giant’s new trends continue to lure in shoppers despite the cost of living crisis. Inditex, which is the world’s biggest fashion retailer, racked in €1.2bn (£1.03bn) in net profit in the first quarter of the [...]
B&M to close four more stores but warns it has ‘nothing to do’ with diminishing high street February 28, 2023 B&M is closing more stores across Britain in the coming weeks, however the discount retailer has warned that it is “nothing to do with the diminishing highstreet”. The retailer, which sells home goods and electronics, will close four stores in total across the UK – having previously announced the closure of two sites. According to [...]
H&M appoints new CEO in boardroom reshuffle January 30, 2020 H&M has announced the appointment of a new chief executive following a boardroom reshuffle sparked by the exit of chairman Stefan Persson. Shares jumped more than nine per cent after the Swedish retailer said it has appointed Helena Helmersson as its new chief executive as the company’s current boss steps into the role of chairman. [...]
Zara sales continue to expand as consumers keep buying December 13, 2023 Inditex, the Spanish fashion brand that owns Zara, today reported robust sales growth as consumers continued to splash out.
Retail: Employment figures slump to new lows with 150,000 jobs predicted to go by end of the year March 14, 2023 Retailers were cautious about hiring extra workers in the run up to Christmas, the British Retail Consortium (BRC) has claimed after ONS figures show that the number of roles were down 14,000 year on year in the last leg of 2022. “Low consumer confidence and falling sales volumes meant many retailers were more cautious in [...]