Reported about 1 year ago
H&M raised concerns about meeting its full-year profit margin goal after missing quarterly earnings expectations and predicting a decline in June sales, leading to a sharp drop in shares. The company attributed the expected sales decrease to poor weather in various markets. CEO Daniel Erver expressed difficulty in achieving the 10% operating margin goal for 2024 due to external factors impacting costs and revenues more negatively than anticipated. Analysts are likely to revise down full-year earnings estimates by 1-2%, with H&M shares plummeting as much as 15% in their worst single-day performance since 2001.
Source: YAHOO