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H&M sales up, profit down, continues shop, online expansion
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By December, H&M will have extra 11 online markets, meaning the Stockholm-based group will have 34 in all. (www.hm.com/-)
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wedish fashion retailer Hennes & Mauritz AB says first-quarter sales grew to 43.7 billion kronor ($5.4 billion kronor) from 40.3 billion kronor as the company continued to expand with new shops and increased online sales.
Quarterly net profit dropped to 3.3 billion Swedish kronor ($405,500) from 4.7 billion kronor a year earlier.
CEO Karl-Johan Persson said Wednesday that profits were affected by "a continued very negative U.S. dollar" and by increased markdowns.
The group which includes brands like COS, Monki, Weekday, & Other Stories and Cheap Monday, said it plans around 425 new stores in existing markets this year, adding its store number 4,000 opens in April in New Delhi.
By December, H&M will have extra 11 online markets, meaning the Stockholm-based group will have 34 in all.
