The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
STOCKHOLM, Sweden — Hennes & Mauritz AB shares fell after the clothing retailer said sales in April were hurt by unseasonably cool weather in many parts of Europe.
The stock dropped 1.9 percent to 260 kroner at 9:03 a.m. in Stockholm, extending this year’s decline to 14 percent.
Sales rose five percent last month at local currency rates, missing the 7.9 percent average estimate of analysts surveyed by SME Direkt. Unusually, the company included a commentary with its monthly figures to cite the impact of the weather.
“The cold spring which continued into April in several of H&M’s large markets has had an unfavorable impact on sales of transitional garments,” H&M said.
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Snow fell in Germany, the retailer’s biggest market, and other parts of Europe in April, causing shoppers to delay purchases of items such as t-shirts and shorts. Britain’s Next Plc has also cited the impact of the cool weather.
H&M last month reported quarterly earnings that fell the most in five years as the strong dollar inflated the cost of Asian-made garments.
By Paul Jarvis.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.