|Bid||137.12 x 0|
|Ask||137.28 x 0|
|Day's range||136.70 - 137.36|
|52-week range||117.10 - 227.70|
|PE ratio (TTM)||16.42|
|Forward dividend & yield||4.85 (3.48%)|
|1y target est||120.85|
Hennes & Mauritz AB reported a sharp drop in second-quarter profit as the owner of the world’s biggest clothing brand struggled to shift a mountain of unsold stock. The company posted a net profit of 4.64 billion Swedish kronor ($520 million) for the quarter ended May 31, compared with 5.9 billion kronor a year earlier.
Hennes & Mauritz AB struggled to deliver new items to its stores in the latest quarter, forcing it to cut prices even more to clear out unsold clothing. The company reported earnings that fell for a fourth consecutive quarter as stored goods swelled to a record $4 billion. The Swedish retailer started introducing a new logistics system to speed up shipments, but ran into snags that interrupted deliveries to markets including the U.S. and France, as well as slowing down online sales in the Nordic region.
Hennes & Mauritz AB is reeling from discounts that are eroding sales as the struggling Swedish clothing retailer tries to reduce a record level of inventory. Revenue excluding tax rose 1.2 percent to 51.9 billion kronor ($5.9 billion), missing the average analyst estimate. “It’s worrying,” said Magnus Raman, an analyst at Handelsbanken.
Canada Goose Holdings Inc will open its first stores in Beijing and Hong Kong, reaching directly to customers who have been buying its luxury coats online and at department stores. The company will partner with ImagineX Group, the Hong Kong-based retail and brand management company, to run the stores, which are expected to open this fall, it said in a statement on Thursday. It will also partner with Alibaba Group Holding Ltd's giant online marketplace Tmall to expand its e-commerce operations, following a pilot project it started early this year, and establish a regional head office in Shanghai, it said.
STOCKHOLM—The world’s largest clothing brand is turning to artificial intelligence to win back shoppers, as it works to reverse one of the worst sales slumps in its history. Hennes & Mauritz AB’s H&M retail chain is ramping up its use of data to customize what it sells in individual stores, breaking with its longstanding practice of stocking stores around the globe with similar merchandise. The 71-year-old fast-fashion chain is aiming to arrest a slump in same-store sales that has lasted 10 straight quarters as it faces problems bedeviling the industry: A spike in online shopping has led to fewer customers visiting stores, and digital startups are putting up fierce competition.
STOCKHOLM (AP) — Swedish low-cost fashion brand Hennes & Mauritz AB says its first-quarter profit plummeted 44 percent after it was forced to cut prices and make markdowns due to higher than expected garment inventories.
Swedish fashion retailer Hennes & Mauritz AB said it’s increasing markdowns this quarter after accumulating a record pile of unsold garments worth more than $4 billion.
Disruptive technologies -- think e-commerce, ride-sharing or social media -- are knocking some of the world’s biggest companies off kilter and erasing billions of dollars in market value.