H&M profits drop
Source: Shanghai Daily |
June 26, 2016, Sunday
|
Print Edition
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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