Sweden’s H&M reported no sales growth for a full six months, as the world’s second-largest fashion retailer struggles to get customers through its doors and loses further ground to rival Inditex.
H&M reported flat sales growth for a second straight quarter as the world’s second-largest fashion retailer grapples with slowing traffic at its core brand stores.
Trading in European shares was hesitant early as investors awaited further guidance from the Federal Reserve on future U.S. rate rises, while Zara owner Inditex fell.
Shares in Zara fashion chain owner Inditex fell over 7 percent after JP Morgan cut its price target for the company weeks before it is due to report annual results.
H&M reported a 34% fall in quarterly profit as its core brand’s stores attracted fewer shoppers, and said it might ask investors to reinvest dividends .
Inditex, the owner of Zara stores, reported a slowdown in sales growth as Europe warm autumn kept shoppers away, although analysts pointed to a brighter end of the year.
Jill McDonald picks up something of a poisoned chalice when she starts as boss of clothing at Marks & Spencer with little room to manoeuvre.
Inditex, owner of Zara, reported a 9 percent rise in first-half profit on Wednesday but its gross margin as a percentage of sales slipped because of a stronger euro.
Inditex, the world's biggest clothing retailer and owner of the Zara brand, reported an 18 percent rise in first-quarter net profit, in line with analysts' forecasts.
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