Business World

Wednesday 22 May 2019

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

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