PARIS — Hennes & Mauritz AB said net profit fell 18 percent in the second quarter as a drop in consumer spending forced many fashion retailers to slash their prices — at a time when rising input costs are already pressuring margins.
During the three months ended May 31, net income fell to 5.75 billion Swedish kronor, or $917 million, from 7.04 billion kronor, or $960 million, during the same period in fiscal 2010. Dollar amounts are calculated at average exchange rates for the periods in question.
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