Sweden’s H&M reported no sales growth for a full six months, as the world’s second-largest fashion retailer struggles to get customers through its doors and loses further ground to rival Inditex.
H&M reported flat sales growth for a second straight quarter as the world’s second-largest fashion retailer grapples with slowing traffic at its core brand stores.
Trading in European shares was hesitant early as investors awaited further guidance from the Federal Reserve on future U.S. rate rises, while Zara owner Inditex fell.
Shares in Zara fashion chain owner Inditex fell over 7 percent after JP Morgan cut its price target for the company weeks before it is due to report annual results.
H&M reported a 34% fall in quarterly profit as its core brand’s stores attracted fewer shoppers, and said it might ask investors to reinvest dividends .
Inditex, the owner of Zara stores, reported a slowdown in sales growth as Europe warm autumn kept shoppers away, although analysts pointed to a brighter end of the year.
Jill McDonald picks up something of a poisoned chalice when she starts as boss of clothing at Marks & Spencer with little room to manoeuvre.
Inditex, owner of Zara, reported a 9 percent rise in first-half profit on Wednesday but its gross margin as a percentage of sales slipped because of a stronger euro.
Inditex, the world's biggest clothing retailer and owner of the Zara brand, reported an 18 percent rise in first-quarter net profit, in line with analysts' forecasts.
JSW Steel Limited
May bid for Arcelor-Mittal's Romanian plant
Gets DCGI's marketing nod for key cancer drug
Inks 5-year I.T. Infra deal with Nokia
BANK OF MAHARASHTRA
To raise Rs 3,000 Crore equity capital
Plans to launch 50 cvs this fiscal
Company may bid for Arcelormittal's Romanian plantco
Proposes investment of $500 Mn to upgrade steel manufacturing unit at Ohio, USA
Integrated steel manufacturing unit in Ohio, with potential capacity of 3 MTPA
Company gets marketing nod for Durvalumab drug from DCGI
Durvalumab is a patented product of AstraZeneca Global
Permission significant for patients with limited treatment options
Nokia signs 5-year global I.T. Infra & application services deal with company
Company will transition services from four incumbent vendors
Will build on strong existing engineering-centric partnership with this deal worth $500 Mn
BANK OF MAHARASHTRA
Gets shareholders' nod for raising equity capital upto Rs 3,000 Cr
Bank union requests govt to intervene in bank's arrests
AIBEA writes to DFS secy to step-in to save bank's reputation
May have rotating chairman till full time chairman is appointed
U.S. Investors of bank want Kochhar to quit
Investors will be confident if external candidate is appointed as CEO: Macquarie
TOI & ET REPORTS