Benzinga
Benzinga
  • 2 months ago
Shares of Swedish clothing retailer H&M plunged nearly 8% Thursday after the company reported a miss on operating profit for its fiscal third quarter and dropped its 2024 earnings margin target. CEO Daniel Ervér, who took the helm in January, faces increased pressure after the company warned of challenging conditions. H&M cited factors like cooler weather, rising living costs, and competition from rivals. UBS analysts highlighted strong local currency sales and the firm’s plan to reduce its store count.

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00:00It's Benzinga and here's what's on the block.
00:03Shares of Swedish clothing retailer H&M plunged nearly 8% Thursday after the company reported
00:08a miss on operating profit for its fiscal third quarter and dropped its 2024 earnings
00:12margin target.
00:14CEO Daniel Erver, who took the helm in January, faces increased pressure after the company
00:18warned of challenging conditions.
00:20H&M cited factors like cooler weather, rising living costs, and competition from rivals.
00:26UBS analysts highlighted strong local currency sales and the firm's plan to reduce its store
00:31cap.
00:32For all things money, visit Benzinga.com.

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