H&M Profits Drop 60 Percent In Q1
SMH: H&M Hits 13-Year Low With 60% Drop In Profit
Source: Ian West – PA Images / Getty
Months after H&M, the world’s second largest clothing retailer caught major flack for an ad deemed to be racist, the retailer posted their earnings report for Q1 and the results are steep. About a 60 percent drop in profits compared to Q4.
While many in the financial sector deem the sharp drop as acknowledgment of more people buying H&M items online, the weak demand of items from the main H&M stores ultimately harmed profits.
