Regional performance was uneven, which Ervér chalked up to the group being “overly cautious” during the year. The Americas saw sales decline 3 percent in local currency, reflecting intense competition in the mid-market apparel segment. In the United States, the removal of de minimis exemptions that had benefitted ultra-fast, low-cost competitors such as Shein and Temu resulted in consumer demand proving more resilient than expected, creating low stock levels relative to the surge in demand.“We think H&M has ...