Tags: EU | Sweden | Earns | H&M

H&M Profit Drops as Retailer Adapts to More Online Shopping

Thursday, 31 January 2019 04:39 AM

STOCKHOLM (AP) — Swedish low-cost fashion brand Hennes & Mauritz AB says its fourth-quarter profit dropped about 10 percent to 3.5 billion kronor ($390 million) as consumers continued to shift to online shopping.

The Stockholm-based group says its quarterly sales increased by 12 percent to 56.4 million kronor ($6.22 million). Full-year sales came in at 210.4 billion kronor ($23.2 billion), up 5 percent.

Chief Executive Karl-Johan Persson said Thursday it had been a "challenging year" but that the company as changing to adapt to new customer habits, including more online shopping. He said "the company's transformation efforts are beginning to take effect."

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Swedish low-cost fashion brand Hennes & Mauritz AB says its fourth-quarter profit dropped about 10 percent to 3.5 billion kronor ($390 million) as consumers continued to shift to online shopping.The Stockholm-based group says its quarterly sales increased by 12 percent to...
EU,Sweden,Earns,H&M
101
2019-39-31
Thursday, 31 January 2019 04:39 AM
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