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Fashion retailer H&M to cut 1,500 jobs

STORY: H&M said Wednesday (November 30) it would cut 1,500 jobs.

The Swedish company wants to reduce costs due to weakening demand from consumers.

Rising inflation and the cost of living crisis are squeezing household budgets.

In September, H&M launched a plan to save about $190 million per year.

That month it reported lower-than-expected quarterly sales - up only 3% from a year before at $5.4 billion.

The number was below analyst forecasts and underperformed market leader Inditex - which owns Zara.

H&M also said Wednesday a restructuring charge of almost $76 million would be booked in the fourth quarter.

The world's number two fashion retailer employs roughly 155,000 people.

Its shares were up over half a percent in early trade on Wednesday, in line with the broader market.