Shares in Hennes & Mauritz fell sharply Thursday after the fashion retailer said profit sank in the third quarter amid a heavy bout of price-cutting and fewer visitors to its stores.
The company said it initiated a period of “aggressive markdowns” over the summer after entering the third quarter with too much stock. H&M said that while the move helped shift inventory and clear the way for its new autumn range, sales slowed somewhat toward the end of September.
H&M has lagged behind competitors in the move to online sales and although its digitization process is now in full-swing, growing online sales didn’t fully compensate for reduced footfall at stores in several established markets.
https://www.wsj.com/articles/h-m-hit-by-discounting-slowness-to-embrace-digital-1506593207
I have seen their online store since I like the clothes at their stores yet, they don't offer much variety online.
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