In an incomplete press release, the fast-fashion pioneer reported a 6% increase in sales this year. Excluding the situation in Russia and Belarus, this growth would have reached 8%.

Beware of optical effects: in dollar or euro equivalents, H&M's sales have stagnated for ten years, during which time the Swedish krona has steadily depreciated.

Foreign investors attracted by the dynamic Swedish market need to be well aware of this currency issue. It's true that the Swedish market is full of fast-growing companies, but what's the point of growth if the gains are absorbed by a depreciating currency?

So far, the country's exporters and tourism industry have had every reason to be pleased. As for households - a strange Swedish exception here - the overwhelming majority of their movable assets are invested abroad.

As elsewhere in the world, the start of the 2023 financial year marked a point of monetary inflexion, as the Swedish central bank had to align its policies with those of the FED and the ECB. This has led some observers to hope for a scenario similar to that seen in Japan, where monetary policy is tightening for the first time in thirty years.

The krona's last major rally dates back to the financial crisis of 2009-2012, which began with the implosion of the subprime bubble in the USA and ended with the sovereign debt crisis in Europe.

Like other Scandinavian currencies, the Swedish currency was seen at the time as a safe haven in these troubled times. Such euphoria is still a long way off, with the krona currently worth fewer euros than at the height of the subprime crisis.

In addition to stagnating sales in dollars or euros, H&M is facing a steady erosion of its margins - because inflation is not eroding. By contrast, its rivals Zara, Primark, Shein and Uniqlo are all in radiant health.

The group is closing stores and undertaking a parallel share buyback program. It's not certain that the latter will make sense if operating performance continues to deteriorate.