Pursuits
H&M Profit Falls for Fifth Quarter on Increased Discounting
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Hennes & Mauritz AB, Europe’s second-largest clothing retailer, reported a fifth consecutive drop in quarterly profit as the cost of making garments increased and the company stepped up discounting.
Net income slipped 2.4 percent to 5.36 billion kronor ($797 million) in the three months ended Nov. 30, Stockholm-based H&M said in a statement today. The average estimate was 5.37 billion kronor, according to a Bloomberg survey of 14 analysts.