H&M profit misses estimates as dollar increases garment costs
Hennes & Mauritz reported second-quarter profit that missed analysts’ estimates as Europe’s second-biggest clothing retailer battled with the strength of the US dollar, which raised garment costs.
Net income rose 11 per cent to 6.45 billion kronor (€699 million) in the three months through May, Stockholm-based H&M said in a statement on Thursday.
The average estimate of 13 analysts surveyed by Bloomberg was for a profit of 6.49 billion kronor. The gross...
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