H&M reports first-quarter loss, sales surge
The retailer is dedicated to regaining the trust of shoppers in China
Stocks impacted: H&M (HM-B)
The world’s second-biggest fashion retailer reported a quarterly loss on Wednesday and said that it was dedicated to regaining the trust of shoppers in China. As a reminder, the company has come under fire from officials in China after H&M had expressed concern over reports of forced labor in the western region of Xinjiang. Of note, China is H&M's fourth-biggest sales market and its biggest sourcing market. H&M reported a pretax loss for the December-February period of 1.39 billion crowns ($159 million) against a year-earlier profit of 2.50 billion. At the same time, sales in March were up by 55% (measured in local currencies). The retailer said it would not propose a dividend at its annual general meeting but saw good prospects of one in the second half of the year.
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