Business World

Thursday 18 October 2018

H&M boost: Fashion giant's shares surge as revamp delivers

H&M
H&M

independent.ie

Retailer H&M's sales bounced back in the third quarter, helped by a new logistics system, as the world's second-biggest fashion retailer said a revamp to meet online and budget competition was paying off. The Swedish company's shares, which have lost nearly two-thirds of their value since a record high in 2015, jumped as much as 13pc in early Monday trade.

The stock was also boosted by a newspaper report that H&M chairman and main owner Stefan Persson had talked to banks about "a massive debt financing package for further share purchases and a mega deal to take the firm private".

H&M had seen profits shrink and inventories pile up as it lost ground to rivals like Primark and Asos.

Reuters

Reuters

Business Newsletter

Read the leading stories from the world of Business.

Also in Business