Shares in the world’s second-biggest fashion retailer H&M Hennes & Mauritz fell to their lowest level since 2005 this week after the group said first-quarter revenue would be lower than expected.
The Swedish company on Thursday reported preliminary figures that showed sales, including VAT, had fallen 1.5% to SKr53.5bn ($6.5bn) in the three months to February 28, compared with SKr54.4bn last year.
H&M’s shares shed as much 5% in morning trade, pushing them down 44% over the past 12 months.
