H&M Shares Plummet 13% as CEO Warns of Challenging Year Ahead

Retailer's second-quarter profits fall short of expectations; June sales forecast to drop amid poor weather and economic pressures.

H&M's stock experienced its largest single-day drop since the early 2000s, falling 13% to $3.16.
Second-quarter operating profit rose to $672.5 million but missed analyst forecasts.
June sales are expected to decline by 6% in local currencies due to adverse weather conditions.
CEO Daniel Erver remains optimistic about the third quarter, citing a well-received spring and summer collection.
The company plans to enhance its online and in-store experiences in major cities globally.