Headlines

Inditex, H&M Revenues Suffer

Europe’s retail giants hurt by weather, recession

Published

11 years ago

June 12, 2013

steve kaufman

Cold spring weather in Europe and stubborn economic recession hampered the efforts of the world's biggest clothing retailers, Spain’s Industria de Diseño Textil S.A. (Inditex, Arteixo,Spain) and Sweden’s H & M Hennes & Mauritz AB (Stockholm).

While Inditex, owner of the Zara chain, reported a gain in sales and forecast profitability, it was the company’s weakest quarterly growth in four years.

H&M, which receives 80 percent of its sales from Europe, posted unchanged same-store and fiscal second quarter net sales in May. It has seen its margins fall due to Europe’s currency swings. It is due to publish full quarterly results next week, but it did reveal that three-month sales through May fell 4 percent, including revenue from stores, Internet and catalog activities.

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