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Stockholm . Apparel retailer H & M announced Thursday that it will have to further reduce its prices to dispose of stocks that have not been sold during the boreal summer, after suffering a further quarterly profit decline .
The Swedish company, which has experienced its profits over the past two years because fewer customers are buying in the H & M brand stores, said that it would now be more difficult to reach its goal to see "some improvement" in annual business figures.
In the three months ending in May, it contracted by 22% over the same period of the previous year, reaching 610 million crowns. Sweden ($ 670 million), slightly below the average of Reuters estimates. ] "The first half of the year was a little more difficult than we originally thought, but we think there is a gradual improvement and we will see a second half Karl-Johan Persson, General Manager of H & M, said Thursday:
H & M shares fell 2.18% to 14:15 GMT on the Stockholm Stock Exchange.
After decades of rapid expansion at More than 4,700 stores , the second largest clothing chain in the world behind Inditex – Zara's parent company – are struggling due to stagnant sales volumes and difficulties in adapting to competition from low-budget brands and trade
H & M had already said in June that his income for the March-to-May quarter had not changed, after having contracted in the previous two quarters.
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