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Swedish fashion giant H&M saw third-quarter sales in some of its key markets “nosedive” after problems with a new logistics system.
While global group sales grew 9% year on year to reach Skr64.8bn ($7.35bn), sales in the US, Belgium, France and Italy declined by 8%.
It blamed a new logistics apparatus that had been designed to speed up shipments but actually interrupted deliveries throughout the past six months.
Today, H&M CEO Karl-Johan Persson admitted the blip had cost the company some $45.3m in Q3 alone.
“In the US, France, ...
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