Hennes & Mauritz AB HNNMY reported a drop in its second-quarter profit.
H&M's quarterly net profit declined to 4.66 billion Swedish kronor ($723.14 million), versus SEK5.22 billion, in the year-ago period. However, analysts were expecting a net profit of SEK4.88 billion.
Its sales, excluding VAT, dropped to SEK31.64 billion from SEK31.66 billion, while comparable store sales declined 4%.
H&M shares closed at $6.96 yesterday.
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