Shares at H&M have reached their lowest level since the financial crisis after the retailer admitted to making "mistakes". The group has abandoned its sales target for 2018 and the CEO and grandson of the founder, Karl-Johan Persson has conceded that last year had been "a disappointment". In his words, "we know what to do, we just haven't executed well enough". The company will close 170 shops in the year but will open 390, leading to a net addition of around half the number of last year. The company also admitted that it was having trouble mastering e-commerce. While shares were down at H&M, shares at rival Inditex, which overtook H&M as the world's biggest clothes retailer six years ago, have doubled in that time. H&M has ended the year with a net debt for the first time in over two decades.