Home Business News H&M’s quarterly pretax profits dive

H&M’s quarterly pretax profits dive

27th Mar 18 8:54 am

Fashion retailer also flags more markdowns

Swedish retailer H&M said today that its quarterly pretax profits fell 61 per cent to £108mn in the three months to the end of February.

Last month, H&M had warned markdowns due to weak demand in many of its main stores for a second straight quarter, sending shares down.

The company, whose other outlets include fashion mid-market & Other Stories and Cos, said higher levels of stock would mean greater price mark downs in the next three months.

H&M employs 171,000 people worldwide in its 4,700 stores.

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