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H & M profit drops as retailer adapts to more online shopping



Swedish low-cost fashion brand Hennes & Mauritz AB said Thursday its fourth-quarter profit dropped about 10 percent to 3.5 billion kronor ($ 390 million) as consumers continued to shift to online shopping.

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It has been a “challenging year” for executives, including more online shopping.

Changing consumerism and business processes, "he said. "We have made a lot of challenges ahead …

The group continued to expand its online sales, which rose 22 percent to about 30 billion kronor ($ 3.3 billion). Online sales now make up 14.5 percent of the total overall sales.

Besides H & M, Monkey, Weekday, Cheap Monday, H & M, HOME, ARKET and Afound. It has about 4,900 stores in 71 markets and more than 177,000 employees. It sells online in 47 markets.


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