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News Summary: Currency factors weigh on H&M profit

The Associated Press

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.

WEATHER FACTOR: H&M CEO Karl-Johan Persson said sales remained strong in Asia but that the overall revenue suffered due to the "continued challenging situation for the fashion retail industry" and bad weather in many of the company's big markets.