If only retail were all about shops. Then Sweden’s H&M would be a steal: its fat margins are getting fatter, it delivers an impressive 70 per cent return on capital employed and – best of all – its shares have not been this cheap for more than a year. But investors have to be armchair economists, and here the outlook is darker.
要是零售只关乎店面销售该有多好。那么瑞典的H&M就是个宝：已经颇为丰厚的利润率还在增长；70%的资本收益率让人印象深刻；最妙的是，其股价处于一年多来的最低点。但是投资者只能做个纸上谈兵的manbetx20客户端下载 学家——其前景可没那么光明。
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