{"id":162171,"date":"2019-09-09T19:42:59","date_gmt":"2019-09-09T19:42:59","guid":{"rendered":"https:\/\/www.theindustry.fashion\/hm-uk-profits-slump-as-it-talks-tough-with-landlords\/"},"modified":"2021-08-12T14:04:16","modified_gmt":"2021-08-12T14:04:16","slug":"hm-uk-profits-slump-as-it-talks-tough-with-landlords","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/hm-uk-profits-slump-as-it-talks-tough-with-landlords\/","title":{"rendered":"H&#038;M UK profits slump as it talks tough with landlords"},"content":{"rendered":"<p>H&amp;M's UK profits <strong>slumped from\u00a0\u00a337.3 million to \u00a310.72 million, a drop of more than 70%,<\/strong> in the year to 30 November 2018, new filings at Companies House reveal.<\/p>\n<p><!--more--><\/p>\n<p>Operating profit in the UK also plunged by 68.4% to \u00a312.21 million while <strong>revenues remained broadly flat at \u00a31.05 billion.<\/strong> The Swedish fashion giant said that in-store sales had increased by 0.2%.<\/p>\n<p>By 30 November last year the retailer said it was <strong>operating 304 stores in the UK<\/strong> having opened 23 during the year and closed 12. For the current financial year it revealed that it only planned to open three stores.<\/p>\n<p>The accounts were filed as it emerged over the weekend the retailer was <strong>playing hardball with UK landlords demanding turnover-based rents<\/strong> on some of its stores. It was also insisting that online returns to a certain store would be deducted from its turnover, which property sources claimed was a step too far.<\/p>\n<p><a href=\"https:\/\/www.thetimes.co.uk\/past-six-days\/2019-09-07\/business\/h-m-takes-aggressive-stance-on-rent-qcc2ccqd8\"><em>The Times<\/em><\/a> revealed that the retailer was seeking \"occupational deals\" but one property source told the newspaper that H&amp;M was being too aggressive: \u201c<strong>Some landlords are in a Mexican stand-off,<\/strong> but H&amp;M\u2019s UK team are just conveniently blaming their Swedish parent.\u201d<\/p>\n<p>Many retailers are in negotiations, or have completed negotiations, with landlords to reduce their rents include <a href=\"https:\/\/www.theindustry.fashion\/ann-summers-wins-new-rent-deals-but-cva-still-a-possibility\/\">Ann Summers<\/a>, Arcadia and Sports Direct for its newly acquired Jack Wills chain to name a few. Some are using the mechanism of a CVA to push through the cuts, while others are seeking new terms as leases come up for renewal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":131408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[6,10494],"tags":[3956,3588,9786],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>H&amp;M UK profits slump as it talks tough with landlords - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"H&amp;M&#039;s UK profits slumped from\u00a0\u00a337.3 million to \u00a310.72 million, a drop of more than 70%, in the year to 30 November 2018, new filings at Companies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/hm-uk-profits-slump-as-it-talks-tough-with-landlords\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"H&amp;M UK profits slump as it talks tough with landlords - TheIndustry.fashion\" \/>\n<meta property=\"og:description\" content=\"H&amp;M&#039;s UK profits slumped from\u00a0\u00a337.3 million to \u00a310.72 million, a drop of more than 70%, in the year to 30 November 2018, new filings at Companies\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/hm-uk-profits-slump-as-it-talks-tough-with-landlords\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-09T19:42:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-12T14:04:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/HM-1-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"967\" \/>\n\t<meta property=\"og:image:height\" content=\"451\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lauretta Roberts\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lauretta Roberts\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/hm-uk-profits-slump-as-it-talks-tough-with-landlords\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/hm-uk-profits-slump-as-it-talks-tough-with-landlords\/\"},\"author\":{\"name\":\"Lauretta Roberts\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/85b04a16eba8c6cd7a9534c5a4262b89\"},\"headline\":\"H&#038;M UK profits slump as it talks tough with landlords\",\"datePublished\":\"2019-09-09T19:42:59+00:00\",\"dateModified\":\"2021-08-12T14:04:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/hm-uk-profits-slump-as-it-talks-tough-with-landlords\/\"},\"wordCount\":257,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"H&amp;M\",\"High street\",\"property\"],\"articleSection\":[\"News &amp; 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