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H&M blames online investment for latest profit decline

Reuters  |  STOCKHOLM 

By Anna RingstromSTOCKHOLM (Reuters) - Sweden's H&M disappointed investors with a 10 percent tumble in quarterly profit, the world's second largest fashion retailer blaming investment aimed at boosting its online business for the decline.Profit fell for the third straight year in 2018 because of competition from the likes of Zara, Primark and ASOS and as the shift to online shopping hit trading at its core budget stores."It has been a challenging year for H&M group and the industry but after a difficult first half, there are signs the company's transformation efforts are beginning to take ...

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First Published: Thu, January 31 2019. 16:43 IST
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