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H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
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H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko

H&M, the world's second-largest listed fashion retailer, said on Thursday it no longer expected to reach its full-year earnings margin goal, while reporting a lower-than-expected operating profit for the June-August period.

H&M has struggled to boost its profitability amid high inflation and stiff competition from its bigger Spanish rival Zara, owned by Inditex, and the rapid growth of cut-price online fast-fashion retailer Shein.

"At present we estimate that this year's operating margin will be lower than 10%," Chief Executive Daniel Erver said in a statement.

The accumulated margin stood 7.4% for the first three quarters.

The full-year operating margins for 2022 and 2023 were 3.2% and 6.2% respectively, and H&M had cautioned in June that factors such as materials costs and foreign currency had made the 2024 target more difficult to reach.

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Hong Kong Investigates Louis Vuitton Data Leak that Affected 419,000

People pose for pictures next to "The Louis", a large ship-shaped structure of the Louis Vuitton brand, in Shanghai on July 15, 2025. (Photo by Hector RETAMAL / AFP)
People pose for pictures next to "The Louis", a large ship-shaped structure of the Louis Vuitton brand, in Shanghai on July 15, 2025. (Photo by Hector RETAMAL / AFP)
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Hong Kong Investigates Louis Vuitton Data Leak that Affected 419,000

People pose for pictures next to "The Louis", a large ship-shaped structure of the Louis Vuitton brand, in Shanghai on July 15, 2025. (Photo by Hector RETAMAL / AFP)
People pose for pictures next to "The Louis", a large ship-shaped structure of the Louis Vuitton brand, in Shanghai on July 15, 2025. (Photo by Hector RETAMAL / AFP)

Hong Kong's privacy watchdog said on Monday that it was investigating a data leak at Louis Vuitton affecting about 419,000 customers, just after a cyberattack on the luxury brand in South Korea in June.

Leaked data included names, passport details, addresses and email addresses as well as phone numbers, shopping history and product preferences, Hong Kong's Office of the Privacy Commissioner for Personal Data said in an emailed statement.

Louis Vuitton submitted the data breach incident to the office on July 17. Its French head office found suspicious activities on its computer system on June 13 and then discovered on July 2 that it affected Hong Kong customers, Reuters quoted the statement as saying.

The office said it had launched an investigation into Louis Vuitton Hong Kong, including whether the incident involved delayed notification. No relevant complaints or inquiries have been received so far, it said.

The incident comes after a systems breach at Louis Vuitton in Korea in June led to the leak of some customer data, including contact information, but it did not involve customers' financial information, the company said.

Louis Vuitton did not immediately respond to requests for comment.