H&M profits drop

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June 26, 2016

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H&M profits drop

Source: Shanghai Daily | June 26, 2016, Sunday |

Print Edition

HENNES & Mauritz AB said second-quarter net profit fell 17 percent as the Swedish fashion retailer continued to be hit by a strong US dollar causing high costs.

CEO Karl-Johan Persson described the first half of the year as “challenging” but said Wednesday he expects future growth for the Stockholm-based company that has 4,000 stores in 62 markets, with plans to open more than 400 more this year.

In the online sector, H&M opened nine new markets this year increasing the total to 32, with two more launches later this year.

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H&M profits drop

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