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H&M Slumps to Two-Year Low as War in Ukraine Clouds Outlook
- Revenue growth slows to 6% in March from 23% in first quarter
- Pandemic-related closures are also weighing on China
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Hennes & Mauritz AB shares fell to a two-year low after the Swedish owner of the H&M clothing chain reported a sudden slowdown in revenue growth due to the war in Ukraine and earnings that missed analysts’ estimates.
Sales rose 6% in local currencies in March compared with 23% growth in the three months through February, H&M said Thursday. The shares fell as much as 11% in morning trading, lopping $2.4 billion off the company’s market value.