H&M’s online focus hurts profits
H&M posted lower than expected first quarter profits yesterday after the high street giant invested heavily in growing its online businesses to catch up with its rivals, and due to higher markdowns. The world’s second largest retailer said that pre-tax profits rose eight per cent to 3.5bn Swedish crowns (£325.3m) in the three months to 28 February, compared with analysts’ forecasts for around 3.8bn crowns.