H&M braced for further fall in sales
High street fashion giant H&M has said it is prepared for further sales falls across its stores in 2018, but hopes an online push and investment in new brands will deliver a "somewhat better result" than last year.
In a move to reassure worried investors, H&M, which has 11 stores in Northern Ireland, said it expects a 25% surge in sales online and from its new brands such as COS and H&M Home this year, while it expects stores to return to like-for-like sales growth from 2019 onwards.
The fashion group said it is hoping for higher earnings this year and "good increases in profit" from 2019 onwards as it overhauls the business.
The comments came ahead of H&M's first capital markets day briefing for investors after it admitted last month it made "mistakes" and revealed fourth quarter profits slumped by more than a third.