PARIS — Hennes & Mauritz AB, the world’s third-largest fashion retailer, posted a larger-than-expected 30 percent profit drop in its fiscal first quarter as soaring cotton prices and negative currency effects sapped its gross margins.
“Instead of passing on these cost increases to customers, we chose to strengthen our price position in order to build further on our strong market position for the long term,” stated Karl-Johan Persson, chief executive officer of H&M.
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