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H&M Ups Margins Even as Weak European Demand Weighs on Sales
The group is undergoing a global restructuring, shuttering underperforming locations, while opening in new markets and focusing on full-price sales.
PARIS – H&M is still finding its feet under chief executive officer Daniel Ervér’s revamp plan to streamline its retail and improve its offering.
Company sales in local currencies remained relatively flat in the second quarter, though the Swedish retailer took a hit on reported sales, which fell 3.3 percent year-over-year due to a strong Swedish kronor.
In the three months to May 31, revenues totaled 54.82 billion kronor, or 4.95 billion euros, down from 56.71 billion kronor, or 5.12 billion euros, a year earlier.
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