H&M Shares Tumble After Missing Profit Forecast, Dropping 2024 Margin Target. CEO Daniel Ervér Faces Pressure in First Year as Chief Exec

Shares of Swedish clothing retailer H&M plunged nearly 8% Thursday after the company reported a miss on operating profit for its fiscal third quarter and dropped its 2024 earnings margin target. CEO Daniel Ervér, who took the helm in January, faces increased pressure after the company warned of challenging conditions. H&M cited factors like cooler weather, rising living costs, and competition from rivals. UBS analysts highlighted strong local currency sales and the firm’s plan to reduce its store count.