H&M admits ‘mistakes’ after sales and profits tumble

H&M saw pre-tax profits slump 34% to 4.9 billion Swedish krona (£442 million) in its fourth quarter after group sales fell 4%, with a 5% fall in the UK.

HandM admitted it made "mistakes" after profits and sales slumped in its fourth quarter.

By Holly Williams, Press Association Deputy City Editor

High street fashion giant H&M has admitted it made “mistakes” after store sales were hit amid the switch to online shopping.

H&M saw pre-tax profits slump by more than a third to 4.9 billion Swedish krona (£442 million) in its fourth quarter to the end of November, down from 7.4 billion Swedish krona (£667 million) a year earlier.