H&M profits hit as bricks and mortar turnover falls

STOCKHOLM: Swedish fast fashion giant Hennes and Mauritz reported lower quarterly earnings Thursday as rising web sales failed to offset a slowdown in store turnover.

Net profit for the three months to end-August, the third quarter of the retailer’s financial year, came in at 3.84 billion kronor (400 million euros, $470 million), a drop of 20 percent. Sales grew 4.6 percent to 51.23 billion kronor.