H&M reports larger than expected profits drop

The Swedish fashion giant Hennes & Mauritz posted a larger than expected fall in quarterly profits Wednesday. Citing exchange rate problems and a poor retail climate, H&M reported an 11 percent drop in net profit during the March to May period.

 An usually chilly winter in much of Europe and North America meant the world’s largest clothing retailer had to offer bigger discounts than planned on many products.

The company reports that spring sales did rise 5 percent in local currencies, and says June sales are off to a good start.

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