H&M posts biggest full-year profit drop in six years
The struggling clothing retailer announced plans to close 170 physical stores this year
Stockholm — Hennes & Mauritz reported its biggest drop in profit in six years, adding pressure on CEO Karl-Johan Persson, who is trying to right the ailing Swedish clothing chain after recent slip-ups. Operating profit fell 14% to 20.6-billion kronor ($2.6bn) in the 12 months to end-November, H&M said on Wednesday. Analysts had expected 20.4-billion kronor. The company also said it planned to close 170 stores this year and add a new format called Afound, selling off-price merchandise. "The industry changes are challenging everyone and this will continue in 2018," Persson said in the statement.