Operating income dropped 87 percent to 821 billion kronor ($80 million) in the three months through November, H&M said Friday, far off analysts’ estimates. The stock fell as much as 7.9 percent.

The fashion retailer has earlier forecast an adjusted profit before tax of between £10 million and £20 million ($12.37 million to $24.74 million) for the year.

The fashion resale platform has named John Koryl as chief executive and a member of its board of directors.

Swiss fragrance and flavour maker Givaudan on Wednesday posted a slowdown in end-year sales, putting further strain on margins in a year marked by high input costs and supply chain disruptions.

The UK-based activewear brand made the job cuts as part of a restructuring at its US offices in Denver, a spokesperson for the company told BoF on Thursday.

China’s scrapping of travel curbs this month is expected to revive demand in the global luxury retail market, but many consumers see more reasons to do their high-end shopping locally on the tax-free island of Hainan.

The Italian luxury group’s revenue was up 13.9 percent from 2021, and 10 percent from 2019 pre-pandemic levels, reaching just over €1 billion ($1.09 billion).

Levi Strauss & Co. reported quarterly revenue that exceeded expectations, suggesting fears of a denim slowdown were overblown amid strong momentum in the direct-to-consumer business and improving trends in Europe.