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H&M blames warm weather for September sales slide
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quarterly profit rise.
H&M, whose biggest rival is Zara owner Inditex, said September sales would be down 10% year-on-year measured in local currencies.
Operating profit in the June-August period, the Swedish group's third quarter, was 4.74 billion crowns ($430.7 million) against a year-earlier 902 million. Analysts polled by LSEG had on average forecast a 4.72 billion crown profit.
The year-ago figure includes a one-off cost of 2.1 billion crowns for the group's exit from Russia.
«The cost and efficiency programme is proceeding at full speed and will continue to have an effect in the coming quarters,» H&M said.
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