Trending: H&M Softens Tone on Profit Target After Weak June Sales
1305 GMT - H&M is among the most-mentioned companies across news items over the past six hours, according to Factiva data, after the Swedish fashion retailer announced a weak start to trading in its fiscal third quarter and softened its tone on a full-year profitability target. The company reported 2Q sales that were broadly in line with expectations, but 3Q has started poorly, with sales in June down 6% on year, reflecting both a tough base of comparison and bad weather. Management also cautioned on the 10% margin target for 2024, saying that the conditions for achieving this have become more challenging. "We think H&M really needs to see sales pick up significantly in order to achieve a 10% margin," Bernstein analyst William Woods writes. Shares are at the bottom of the Stoxx Europe 600 index after shedding up to 15% in early Stockholm trade. Dow Jones & Co. owns Factiva. (dominic.chopping@wsj.com.)
(END) Dow Jones Newswires
June 27, 2024 09:20 ET (13:20 GMT)
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