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☆ H&M plunges 13% on doubts over full-year margin target, June sales outlook
▼ + stars: | 2024-06-27 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Shares of H&M plunged more than 14% on Thursday morning after the company reported a smaller-than-expected increase in second-quarter profits and cast doubt over its June sales and full-year profit margin target. The world's second largest retailer said operating profit for the period between March and May came in at 7.1 billion Swedish kroner ($672 million), below the 7.37 billion Swedish kroner anticipated by analysts, according to an LSEG poll cited by Reuters. The second-quarter result was nevertheless above the 4.7 billion Swedish kroner recorded in the same period last year. Further weighing on stock, H&M CEO Daniel Ervér cast doubt over the company's ability to meet its margin target this year. "Our goal of an operating margin of 10 percent for full-year 2024 remains in place," he said.

Persons: Daniel Ervér, Inditex Organizations: Reuters Locations: London, Paris, Milan, Berlin, Stockholm, Hamburg, Munich, New York, Tokyo, Zara

☆ Retailers jacked up prices and squeezed consumers. They might have just blinked
▼ + stars: | 2024-05-05 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +7 min

“There’s just less dollars for consumers to spend.”The challenge for retailers now is to shake consumers out of that frugal mindset. Retail spending has increased in seven of the past 10 months through March. “If you want to convince consumers to spend you have to give them a reason to do so. Lower prices are a clear opportunity to drive people into the store or online.”It’s a lever that Walmart, he said, has pulled forever. Clothing chain H&M told analysts during its most recent earnings call that it, too, would lower prices.

Persons: Sarah Wyeth, ”, Chad Lusk, Alvarez, ” Wyeth, “ There’s, they’re, Zak Stambor, Stambor, Joe Raedle, ” Stambor, “, ” Jesper Brodin, ” Brodin, ” Michaels, ” Ashley Buchanan, Michaels, Lars Daniel Ervér, Frida, Chuck, – CNN’s Bryan Mena Organizations: New, New York CNN —, Ikea, Shoppers, “ Retailers, CNN, Walmart, Ingka, “, Cheese, Stambor Locations: New York, Hallandale Beach , Florida

☆ H&M shares jump 14% as profit smashes expectations
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

(Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of H&M leapt 14% in early deals on Wednesday, after the Swedish retailer significantly beat profit expectations for its fiscal first quarter. Operating profit rose to 2.08 billion Swedish krona ($196 million), versus the 1.43 billion krona forecast in a LSEG poll of analysts. The company's operating margin rose to 3.9% from 1.3%, as it reiterated its target of a 10% operating margin this year. Net sales fell year-on-year in the first quarter, hitting 53.7 billion krona from 54.9 billion krona. Credibility was lent to the company's 10% operating margin target by positive sales momentum in the early spring/summer season, the Jefferies note added.

Persons: Budrul Chukrut, Inditex, Daniel Ervér, Helena Helmersson, Ervér, Jefferies Organizations: Getty, M Locations: HONG KONG, CHINA, Swedish, Hong Kong, Zara

☆ H&M shares tumble 8% after weaker sales and surprise CEO exit
▼ + stars: | 2024-01-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Shares of Swedish retailer H&M were down 8% at 09:05 a.m. London time on Wednesday, after the company announced weaker sales and the surprise departure of its chief executive. H&M sales were 1% lower for 2023 in local currencies, and 4% lower year-on-year in the fourth quarter. In an unexpected leadership shake-up at the H&M group, Helena Helmersson, who has been in the CEO role for four years, will be replaced by Daniel Ervér. "The H&M group is in a strong position, with a positive profitability trend and good conditions to make further improvements in 2024," group chair Karl-Johan Persson said. "Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group."

Persons: Helena Helmersson, Daniel Ervér, Helmersson, Ervér, Karl, Johan Persson, Daniel Organizations: Oxford Street, Regent Locations: London, United Kingdom, Zara

LONDON (AP) — H&M's top executive unexpectedly stepped down Wednesday and the company's stock plunged as the fashion giant reported a drop in sales over the holiday shopping season. Political Cartoons View All 253 ImagesFor the last three months of 2023, operating profit margin fell to 7.2% from 7.8% in the previous three months. The company says its “ambition” is still operating margin of 10% this year. Sales also dropped 4% from Dec. 1 to Jan. 29 — a key holiday shopping period — compared with a year earlier. H&M is facing increasing competition from Chinese low-cost fast fashion retailer Shein as well as other fashion giants like Zara.

Persons: —, Helena Helmersson, Daniel Ervér, ” Ervér, ” Locations: Swedish, Zara

☆ H&M CEO quits abruptly after ‘very demanding’ times
▼ + stars: | 2024-01-31 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

“However, it has been very demanding at times for me personally and I now feel that it is time to leave the CEO role, which of course has not been an easy decision.”Helmersson, who is leaving H&M after 26 years at the company, has been replaced as CEO by Daniel Erver. He was most recently head of the H&M brand, which is the largest within the group. H&M shares plunged after the announcements and were more than 9% lower in midday trade in Stockholm. Earlier this month, it was forced to remove a school uniform advertisement in Australia after social media users complained it sexualized children. “We are deeply sorry for the offense this has caused,” H&M told CNN.

Persons: London CNN — Helena Helmersson, ”, ” Helmersson, Daniel Erver, Helmersson, “ Organizations: London CNN —, Reuters, CNN Locations: Swedish, Stockholm, Myanmar, Australia

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