|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||2.73 - 2.78|
|52 Week Range||2.66 - 5.51|
|PE Ratio (TTM)||13.45|
|Forward Dividend & Yield||0.11 (3.56%)|
|1y Target Est||N/A|
Major retailers and malls are permanently closing their doors faced with competition from online shopping options and Amazon. In a bid to win back shoppers, the world's largest Fashion Retailer, H&M is hoping Artificial Intelligence will turn around one of its worst sales slumps in history.
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.
H&M shares hit the lowest levels since 2005 Tuesday after the world's second-largest clothing retailer said a a bigger inventory overhang would lead to price cuts in the company's spring quarter.
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.