H&M has all but abandoned its profit target for the year as the Swedish fast-fashion chain struggles to boost margins amid higher material and marketing costs and intense competition from rivals such as Shein and Zara.
Daniel Ervér, H&M’s chief executive since January, told the Financial Times that the company believed it would reach its operating profit margin target of 10 per cent eventually “but it will not happen in 2024”.
Operating profit in the third quarter dropped 26 per cent from a year earlier to SKr3.5bn ($350mn), well below the average analysts’ expectations of SKr4.9bn. The operating margin for the first nine months was 7.4 per cent.
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