Tuesday, December 02, 2008
Strategic Sourcing News
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"Strategic Sourcing"
Swedish retailer on the rack as logistics costs spiral
Leading clothes retailer Hennes and Mauritz has blamed a poorer than expected third-quarter performance on soaring logistics costs in its major sourcing hubs.
Shares in the Swedish company dropped by 10 per cent after it reported pre-tax profits below many analysts’ expectations.
H&M sources extensively from South Asia and has been hit hard by rises in transportation costs as the price of oil has spiralled.
Tony Shirer, a Citibank analyst, said that the results illustrated how hard the current environment was for retailers.
"The emergence of gross margin pressures ahead of our expectations from a retailer known for its sourcing efficiency does not bode well for the less flexible UK clothing retailers [like] Marks and Spencer, Next, and Debenhams," he said.
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