Swedish Clothes Giant Slows Expansion

Sweden’s international retail clothing chain, H & M, has reported lower than expected profits in the third quarter of the year because of the global economic slump.

Profits totaled some 800 million dollars – convincing the company to cut back on its expansion of stores around the world.

The company estimates that by the end of the year, it will have opened 220 new stores instead of the earlier planned 240.