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Higher costs, weaker U.S. dollar attribute to profit loss
Swedish fashion chain Hennes & Mauritz AB experienced a 15 percent drop in third-quarter net profits due to rising procurement costs, a bump-up in the expansion of new stores and a lower U.S. dollar, according to the Associated Press.
The Stockholm-based retailer reported sales at comparable units were unchanged. The retailer earned a net profit of $533 million in the June to August period, down from $4.2 billion in the same three months a year ago.
“We have great respect for the current economic climate. In this situation, it is extra important to have a long-term perspective and to always make sure that we give customers the best combination of fashion and quality for their money in every market,” says Karl-Johan Persson, H&M’s ceo.
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