The bottom line
Swedish fashion giant H&M has roughly $4.3 billion in unsold shirts, dresses, and accessories sitting in its 4,700 stores globally—up 7 percent from last year. Critics blame poor inventory management and an underwhelming product selection. The retailer’s profit fell 62 percent in the three months through February.
The New York Times
The average 2017 Wall Street bonus was $184,220, a 17 percent increase from 2016 and the closest the financial industry has come in more than a decade to its all-time high of $191,360 in 2006.
The Washington Post
U.S. sales of physical music, including CDs, vinyl, and cassettes, overtook those of digital downloads last year for the first time since 2011. Overall U.S. music sales for 2017 increased 16.5 percent to $8.7 billion, with digital downloads plunging 25 percent to $1.3 billion; physical music sold $1.5 billion. Apple’s iTunes store plans to completely phase out download sales and focus exclusively on streaming as early as 2019. PasteMagazine.com
India’s state-run railways have received more than 20 million applications for about 100,000 driver, technician, and security job openings. Railway jobs in the country are highly coveted for their stability and longevity.
A United Airlines passenger who was bumped from a Washington, D.C., to Austin flight last week was given a $10,000 travel voucher as compensation. Allison Preiss was told a faulty seat meant she could not board. United raised its compensation cap to $10,000 last year following an incident in which a passenger was physically dragged from a flight to free up a seat for a staff member.
The craziest late-to-work excuses
The rain, a pileup on the freeway—“The boss has heard them all,” said Gene Marks in The Washington Post. Excuses for being late to work are essentially the same in every industry, according to a CareerBuilder survey of more than 1,000 HR managers. The most common reasons for employee tardiness are pretty “familiar,” with traffic (51 percent), oversleeping (31 percent), and the weather (28 percent) topping managers’ lists. That doesn’t mean a few workers haven’t also offered up some whoppers. Among the most unique and creative excuses bosses have heard: “I was here, but I fell asleep in the parking lot,” “my fake eyelashes were stuck together,” and “an astrologer warned me of a car accident on a major highway, so I took all back roads.” Another that “raised eyebrows”: “I had morning sickness”—from a male employee. “One thing’s for sure: innovation is not dead in America.”