H&M sees lower earnings amid cold weather, strong dollar

STOCKHOLM (AP) — Low-cost fashion brand Hennes & Mauritz AB reported Wednesday a 17 percent drop in its second-quarter net profit and sluggish sales growth, partly due to cold spring weather and as a stronger dollar increased its costs.
The Swedish fashion retailer said sales grew 5 percent in the quarter in local currencies but rose only 2 percent — to 54.3 billion kronor ($6.6 billion) — when converted to the Swedish currency. Profit plummeted to 5.3 billion kronor from 6