H&M warns prolonged Iran war could hit consumer spending
H&M reported a 26% rise in quarterly profit but warned that the Iran war could hit consumer demand. Shares fell as March sales growth missed expectations.
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The fashion retailer H & M Hennes & Mauritz AB (publ) has issued a warning that a prolonged conflict involving Iran could significantly dampen consumer spending. This geopolitical tension poses a new challenge for the group as it strives to compete with rivals like Zara and discount platforms originating from China. Despite achieving a higher-than-expected quarterly profit, the company's stock price fell as much as 6.6% due to concerns over future sales growth.
