H&M shares fall amid trouble adapting to online shopping

STOCKHOLM (AP/KXAN) — Shares in low-cost fashion brand Hennes & Mauritz AB plunged on Wednesday after the Swedish company said it was having trouble adapting to a rapid and global shift to online shopping among consumers.
The company said its profits fell 33 percent in the fourth quarter, to 3.99 billion kronor ($506 million), with sales dropping 2 percent to 50.4 million kronor ($6.4 million). It said “the industry changes are challenging everyone and this will continue in 2018.