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SWEEDEN: H&M 1st Quarter profit drops by 30% on high cotton prices.
Swedish fashion retailer Hennes & Mauritz AB says net profit dropped by 30 percent in the first quarter due to higher prices on cotton and negative currency exchange effects.
Egytex News Desk
Source: Egytex.com
The company said Thursday that net profit fell to 2.62 billion kronor (US$41.3 million) in the quarter, from 3.74 billion kronor in the same period a year ago.
Revenue in the December-February period dropped by 1 percent to 28.7 billion kronor from 29.1 billion kronor a year earlier, partly due to the strong Swedish krona. Sales in local currencies increased by 9 percent.
Source: Egytex.com
From the Egytex news archive, first published on 3 April 2011. Figures and names are as reported at the time.
