H&M (HMb.ST) reported on Friday flat sales for its most recent quarter, lagging expectations as the world’s second-biggest fashion retailer struggled in the face of intense competition from Zara-owner Inditex (ITX.MC) and others.
H&M shares fell more than 4% after the company said June-August local-currency sales, the most closely watched figure, were “flattish” year-on-year, missing the 5% growth forecast by analysts in a Reuters poll.
By 0800 GMT the stock was on track for its worst day in six months.
Source: Reuters
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