H&M blames lower profit on ‘challenges’

Swedish fashion retailer Hennes & Mauritz AB chief executive officer Karl Johan Persson addresses a news conference in Stockholm yesterday. The ‘cheap-and-chic’ fashion giant H&M posted a net profit down 18 per cent from a year ago and said it was...

Swedish fashion retailer Hennes & Mauritz AB chief executive officer Karl Johan Persson addresses a news conference in Stockholm yesterday. The ‘cheap-and-chic’ fashion giant H&M posted a net profit down 18 per cent from a year ago and said it was facing challenging conditions in both its sourcing and sale markets.

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