H&M reported disappointing full-year financials as sales increased 4%, but profits tumbled.
Profits for the year ending 30 November 2017 fell 13% to 16.2 billion Swedish krona (£1.5 billion), as the retailer admitted a weakness in its physical store footprint, due to more customers choosing to shop online.
H&M CEO, Karl-Johan Persson, admitted the retailer has “made some mistakes” that have slowed down the business.
Despite a net addition of 427 new stores in 2017, Persson pointed to reduced footfall, as customers are changing their behaviour by shopping more frequently online.
