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H&M misses profit forecasts on costs
HENNES & MAURITZ, the world’s No.2 fashion retailer, missed first-quarter profit and sales forecasts, raising doubts over its strategy of holding prices despite rising cotton costs and currency headwinds.
The Swedish budget clothing chain posted a 30 per cent dive in pre-tax profit to 3.54bn crowns (£348m) for the three months ended February.
This was the third quarter it missed forecasts, pitched at 3.84bn crowns.
Data showed an unexpected fall in February retail sales in Germany, H&M’s biggest market.