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