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Stockholm, Sweden -- Hennes & Mauritz AB reported Thursday that profit for the third quarter fell 15% to $533 million, from nearly $621 million in the year-ago period. The Swedish fashion retailer cited rising procurement costs, marketing investments and a bump-up in new-store expansion for the decrease in profit.
H&M said it will add 265 new stores, up from the 250 previously planned, and will make market debuts in Indonesia and Thailand.
Sales for the quarter were essentially flat at $4.7 billion, performance the company said it found satisfactory since large parts of Europe had experienced a warmer-than-usual start to the autumn season.