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Swedish clothing giant Hennes & Mauritz on Friday said sales fell below expectations in the fourth quarter and it would close more stores as customers increasingly prefer to shop online.


H&M CEO Karl-Johan Persson said in a statement that the company's ""online sales and sales of the group's other brands continued to develop well"" but that physical stores ""were negatively affected by a continued challenging market situation with reduced footfall to stores due to the ongoing shift in the industry"".


Sales between September and November dropped by four per cent compared to the same period last year to 50.4 billion kronor (5 million euros Authentic Malik Jefferson Jersey , US$5.9 million). In local currencies, sales fell by two per cent.


On Friday morning, the company's share price plunged by 15 per cent in the Stockholm Stock Exchange.


""In order to respond even quicker to customers' fast-changing behaviour the company's ongoing transformation journey is being accelerated,"" Persson said.


""This includes continued integration of the physical and digital stores, and intensifying the optimisation of the H&M brand's store portfolio - leading to more store closures and fewer openings,"" he added.


The group did not specify exactly how many stores would be closed and where.


H&M had announced earlier this year that it would open physical stores around the world to compensate for the downturn due to fierce competition from online sales platforms.


H&M group, which owns other popular brands such as COS Authentic Sam Hubbard Jersey , Monki and Weekday, has 4,553 physical stores around the world as of Aug 31.


Agencies

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BEIJING, Dec. 15 (Xinhua) -- A white paper issued by China's State Council Information Office on Friday said the country has promoted law-based administration to protect the people's legitimate rights and interests.


According to the white paper, titled ""New Progress in the Legal Protection of Human Rights in China,"" the country has accelerated the process of defining in law the administrative structure and its functions, powers Authentic Jessie Bates III Jersey , procedures and responsibilities, prohibited administrative organs from expanding power beyond the law, and confined the exercise of power in an institutional ""cage.""


China has been pressing ahead with the reform of administrative approval. Since the 18th National Congress of the Communist Party of China in 2012, the State Council departments have canceled the requirement for administrative approval on 618 items, according to the white paper.


China has implemented the system of power or responsibility list, through which the public can obtain information about government functions, duties and powers Authentic Billy Price Jersey , and their legal basis. By 2016, 31 provincial-level governments had published such lists, said the white paper.


To build a responsible government, China has set up a mechanism of internal legitimacy review of major decisions, and explored the means to establish and implement a lifelong liability accounting system for major decisions and a retrospective mechanism to hold people accountable for wrong decisions, it said.



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LISBON, May 14 (Xinhua) -- All eyes will be on Portugal for the European Champions League final Tyler Kroft Jersey , but many Spanish football fans might have to make do with watching the game from their television sets at home.


As the big game which will see Real Madrid face Atletico Madrid looms, hotel prices in Portugal's capital Lisbon have soared as soccer fans scramble to find a place.


And over 97 percent of hotels in the city are already occupied, according to the Portuguese Association for Hospitality.


"This is completely normal. It's a demand and supply logic and happens around the world in all the big games and championships," Luis Vega, director of the Portuguese Association for Hospitality, told Xinhua Wednesday.


Vega said that in Lisbon there are usually 24,000 rooms and 60 percent of them are occupied Jake Fisher Jersey , meaning around 9,000 are usually free. And he said with around 40,000 Spaniards expected to come to Portugal for the match, it was "completely logical" for rooms to be overbooked and prices to rocket.


"Prices to begin with were very low," he pointed out, though.


Xinhua found that booking a room was virtually impossible on Wednesday.


"We only rent rooms for two nights," a receptionist at Inspira Santa Maria Cedric Ogbuehi Jersey , a four-star hotel in Lisbon, told Xinhua on Wednesday. "And we only have an en suite left, with a jacuzzi."


The price? "The room for the 23rd is 2,000 euros (2,741 U.S. dollars) and 8,000 euros on the 24th. That's 10,000 euros in total Josh Malone Jersey ," she said.


Xinhua also inquired whether there were rooms available at HF Fenix, which has three hotels in Lisbon, but the receptionist said there were no rooms available. All rooms were also booked at Holiday Inn Express.


These prices have been criticized by members of the opposition who say they are a threat to the tourism industry, one of the debt-ridden country's most important means of income.


Simoneta Luz Afonso, municipal deputy of the Socialist Party, has criticized the prices imposed by some hotels which she said were "shameful."


"We are giving out a terrible image of our country and of our capital city," she said during a meeting at parliament. "These prices are pure speculation and are a threat to our tourism industry Carl Lawson Jersey , the chicken that lays the golden egg."


However, Vega said he believes the exact opposite will happen.


"With so many Spanish people coming, they are likely to come again in future for other reasons."


Festivities are already happening in Lisbon with two weeks left before the big day. The UEFA Champions Gallery and UEFA Champions Museum, which opened on May 6 in Lisbon, will run until May 25, a day after the match.


The Portuguese government also announced on Monday that it will lif. Wholesale Youth Jerseys Wholesale Jerseys China Wholesale Authentic Jerseys Wholesale Authentic Jerseys Wholesale Kids Jerseys Wholesale Youth Jerseys Cheap Air Vapormax Cheap Nike Vapormax Flyknit Cheap Nike Air Max 90 Mens Cheap Nike Air Max 90 White