LONDON — Weak traffic, markdowns, currency headwinds and long-term investments in retail expansion dented second-quarter net profits at Swedish fast-fashion retailer Hennes & Mauritz.
The company said profits in the three months to May 31 sank 10.8 percent to 4.66 billion Swedish kronor, or $700 million, on the back of broadly flat sales. All figures have been converted at average exchange rates for the respective periods.
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