H&M cuts prices after cold snap leads to profits slump

Swedish clothing retailer is left with backlog of clothing after weak sales in first quarterH&M said price cuts and cold weather were to blame for a slump in profits at the start of the year, and warned more discounting would be needed to lift flagging sales at the fashion group.Pretax profit at the Swedish clothing retailer plunged 61% to 1.26bn Swedish krona (£108m) in the first quarter ending 28 February, after weaker sales in previous months left it with a backlog of clothing to se