The logo of Swedish clothing retailer H&M hangs over one of its stores on March 28, 2018 in Berlin, Germany.
Shares of H&M tumbled as much as 8% on Thursday after the world's second-largest listed fashion retailer posted a miss on operating profit and abandoned its earnings margin target.
The Swedish clothing retailer reported that operating profit for the group's fiscal third quarter came in at 3.51 billion Swedish crowns ($345.8 million), which compared to 4.74 billion Swedish crowns a year ago.
H&M dropped its earnings margin target for 2024 after warning of more challenging conditions earlier in the year.
At present we estimate that this year's operating margin will be lower than 10 percent," H&M's Ervér said in a written statement.
Persons:
LSEG, Daniel Ervér, Helena Helmersson, Ervér, Inditex, M's Ervér, M
Organizations:
Reuters, UBS
Locations:
Berlin, Germany, Swedish, Zara, London, Stockholm