Gross margin is down, and business in the Group's two biggest markets - Western Europe and North America - continues to stagnate. Performance was mediocre in Asia, where the H&M formula never caught on due to a lack of brand image and pricing power.

The first six months of the year were marked by a series of store closures. H&M is rationalizing its footprint, with 66 closures across its entire portfolio of banners - H&M, COS, Money, Weekday.

Profit and cash flow remain at breakeven compared to last year. At the beginning of the year, in the absence of clearly identified growth opportunities, the Group announced a share buyback program.

Over the last decade, sales have stagnated - even declining sharply if results are adjusted for inflation over the period - and margins have been steadily eroded.

By contrast, Zara, Primark and Shein are in radiant health. The same goes for Uniqlo, once H&M's challenger: just compare the footfall in each brand's stores to see which one the public prefers.

No doubt benefiting from the halo effect that surrounds all companies listed in Sweden, the Group's valuation remains surprisingly optimistic in the face of this chronic underperformance. Despite the ruthlessness of the sector, the market doesn't seem to have thrown in the towel just yet.