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H & M Hennes & Mauritz AB
15-12-2017, 05:35 PM,
Post: #1
H & M Hennes & Mauritz AB
H&M Plunges Most in 16 Years After Trouncing by Rival Zara

By Thomas Mulier
December 15, 2017, 3:15 PM GMT+8 Updated on December 15, 2017, 5:05 PM GMT+8

Hennes & Mauritz AB shares plummeted after the Swedish clothing retailer lost more ground to Inditex SA’s Zara as the crisis in brick-and-mortar retail threatens to undermine retailers with underdeveloped online businesses.

H&M reported the biggest drop in quarterly sales in at least a decade Friday as fewer customers visited H&M stores, leading the company to pare expansion plans and consider closures. The stock fell as much as 13 percent, the steepest intraday decline in 16 years.

A crisis that’s shuttered shopping malls in the U.S. is spreading to other parts of the world, hitting H&M’s earnings amid markdowns to clear out inventory. Rival Inditex has been outpacing the Swedish company as it expands more aggressively in e-commerce. The Spanish giant this week reported a double-digit rebound in revenue growth for November and early December.

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