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News Summary: Currency factors weigh on H&M profit

By The Associated Press
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FALLING PROFIT: Swedish fashion retailer Hennes & Mauritz AB on Wednesday said profits fell by 11 percent in the second quarter due to the strong Swedish krona and increased markdowns as it tried to shift its products.

THE DETAILS: The company said its net profit for the March-May period dropped to 4.66 billion kronor ($720 million) from 5.22 billion a year earlier. Sales for the quarter slipped marginally to 31.64 billion kronor from 31.66 billion.

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