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.
要是零售只關乎店面銷售該有多好。那麼瑞典的H&M就是個寶：已經頗爲豐厚的利潤率還在成長；70%的資本收益率讓人印象深刻；最妙的是，其股價處於一年多來的最低點。但是投資者只能做個紙上談兵的經濟學家——其前景可沒那麼光明。
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