H&M reported that operating profit for the group's fiscal third quarter came in at 3.51 billion Swedish crowns , which compared to 4.74 billion Swedish crowns a year ago.
The Swedish clothing retailer said it had dropped its earnings margin target for 2024 after warning of more challenging conditions to achieve that level earlier in the year.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.that operating profit for the group's fiscal third quarter came in at 3.51 billion Swedish crowns , which compared to 4.
"External factors have impacted our sales revenue and purchasing costs more than we expected. 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.Shares of H&M fell on the news, down 4% at around 9:40 a.m. London time. The Stockholm-listed firm was among the worst-performing stocks on the pan-European Stoxx 600 during morning trading.
Analysts at UBS said in a research note that some of the most noteworthy areas of H&M's results included bumper sales in local currencies, an increase to the cost of the firm's markdowns and the retailer's plan to reduce its net store count.
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