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31.01.2018 | Наталья Кулагина

H&M to open fewer stores in 2018

Fashion retailer H&M on Wednesday reported a decline in quarterly profit and said that a significantly smaller number of new stores will appear in 2018, as more and more customers prefer online shopping.


Shares of H&M, which fell in price by more than a third in 2017, lost another 7.9% on Wednesday.



H&M reported that in 2018 it expects a net increase in the number of its stores by 220 compared to 388 in 2017. It is planned to open about 390 new stores, entering the markets of Uruguay and Ukraine, and close about 170.


H&M expects sales growth for the period from December 1 to January 31 by only 1% in local currencies after a 2% decline in September-November.


The head of the company Karl-Johan Persson said: "Changes in the industry challenge everyone, and this will continue in 2018," adding that H&M is not waiting for the target level of 10−15-percentage growth of sales in local currencies in 2018.


Source: Reuters

Photo: shutterstock