H&M profits drop as external pressures and markdowns slow growth

H&M has reported a dip in profits for the first quarter of its fiscal year, citing “negative external factors,” increased markdowns, and ongoing investments.
The Swedish fashion giant posted operating profit of SEK 1.2bn (£95m) for the period from December 1, 2024 to February 28, 2025, a decrease of 42% compared to SEK 2.1bn (£160m) in the same period last year.
Sales increased by 2% in local currencies to SEK 55.3 billion (£4.3bn), falling slightly short of ana