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H&M first-quarter profit plunges as it warns of more price cuts ahead

Reuters  |  STOCKHOLM 

By Anna Ringstrom and Helena SoderpalmSTOCKHOLM (Reuters) - H&M on Tuesday warned of further prices cuts to shift unsold clothes after the Swedish fashion retailer reported a 61 percent dive in first-quarter profit that knocked its shares.The world's second largest clothes retailer said it would be forced into more discounting after seeing a bigger-than-expected 7 percent increase in inventories.H&M shares were down 6.4 percent to 13-year lows at 1000 GMT. The shares have fallen in recent years amid slowing sales hurt partly by shoppers moving online. The company noted online sales rose by ...

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First Published: Tue, March 27 2018. 16:28 IST