Share rise seen by H&M
Shares in H&M rose by more than 10 percent
This is after the fashion retailer reassured investors that it would not need to cut costs further to shift unsold clothing despite a bigger than expected fall in quarterly profit.
The Swedish company felt the effects of teething problems with a new logistics system designed to help improve its supply chain that cost it an additional 400 million Swedish crowns.
However, the market reacted positively after H&M said it did not expect increased discounting in the current quarter thanks to the “quality and balance” of its inventories.Published: by Radio NewsHub