Tuesday, March 27, 2018

H&M's pile of unsold clothes grows to a new high

Adage.com

Swedish fashion retailer Hennes & Mauritz, better known to shoppers as H&M, says it's increasing markdowns this quarter after accumulating a record pile of unsold garments worth more than $4 billion.

Operating profit fell 62 percent to the lowest level in more than a decade as clearance sales failed to reduce quantities of T-shirts and jeans that customers had passed over.. . . more