Fashion retailer also flags more markdowns
Swedish retailer H&M said today that its quarterly pretax profits fell 61 per cent to £108mn in the three months to the end of February.
Last month, H&M had warned markdowns due to weak demand in many of its main stores for a second straight quarter, sending shares down.
The company, whose other outlets include fashion mid-market & Other Stories and Cos, said higher levels of stock would mean greater price mark downs in the next three months.
H&M employs 171,000 people worldwide in its 4,700 stores.
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