H&M, the world’s second largest fashion retailer, fears a negative impact from higher costs due to the strong US dollar.
The company buys most of its products in Asia and pays in dollars, while it does the bulk of its selling in Europe.
H&M profits hit by strong dollar http://t.co/aapSlfsOIP— Financial Times (@FT) June 25, 2015
Raw material costs, transportation and currency exchange are all driving down profits.
H&M added that an inclement spring in many of its key business areas hit sales.
The fashion business is also investing time and money into e-commerce and innovative store design.
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