Hennes & Mauritz, the world's No. 2 clothes retailer, posted a 30% drop in first-quarter pre-tax profit on Wednesday due to markdowns and a stronger US dollar, although the results were slightly better than expected.
Sales in March, the first month of H&M's second quarter, grew 2% in local currencies. By contrast, Zara owner Inditex, the world's biggest clothing retailer, saw sales rise 15% at constant exchange rates in the first five weeks of its financial year that started in February.
Sweden-based H&M had warned in January that markdowns to shift winterwear after warm weather and high purchasing costs due to a strong dollar would weigh on its first quarter.
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Sales in March, the first month of H&M's second quarter, grew 2% in local currencies. By contrast, Zara owner Inditex, the world's biggest clothing retailer, saw sales rise 15% at constant exchange rates in the first five weeks of its financial year that started in February.
Sweden-based H&M had warned in January that markdowns to shift winterwear after warm weather and high purchasing costs due to a strong dollar would weigh on its first quarter.
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