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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)