H&M Will Be Closing Several Stores
This last quarter, the group has indeed recorded a decline in sales of 4% while some analysts expected a rise of 2%. The result on the stock market did not wait: the action of the group lost 15% in Stockholm around 11am. Obviously worrying results for a group of heavyweights ready-to-wear.
In a statement, H & M acknowledges its poor results and announce a proliferation of store closures and fewer openings. The digitalisation of the market and the poor performance of H & M in this area would have led to its poor results. The group then explains that it has decided to accelerate its digital transformation, like ASOS, to take into account the changing demand of its younger and more connected customers. On the other hand, the group did not specify the number of stores that will close.
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