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H&M profit misses, but ramps up store openings and will debut new brand
Stockholm, Sweden -- Swedish fast-fashion retailer Hennes & Mauritz AB reported Thursday that net income for the quarter ended Aug. 31 edged up less than 1% to $550 million, missing analysts’ expectations of $618 million in profit. Sales rose 10% in local currency, but gross margins shrank and the retailer said it would delay the start of online operations in the U.S. until next summer to allow it more time to adapt to the market.