Fashion retailer H&M has announced that due to the strong US dollar its second-quarter profits will be damaged along with a “very negative” effect from higher purchasing costs.
H&M, which updated the market this morning, mentioned that quarters three and four could be even worse due to outside factors like cost inflation, purchasing currencies and raw material prices.
CEO, Karl-Johan Persson said: “Among other things, these investments enable us to be a natural part of our customers’ increasingly digital world, where the boundary between shopping online and in physical stores is becoming more and more seamless. Our goal is to offer a customer experience in which online and stores are closely interwoven, which will strengthen our customer offering further.”
H&M are planning to launch its own-branded beauty range called H&M Beauty which will appear in 900 stores this year.
