Fashion retailer H&M's Q1 operating profit rises more than expected
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H&M, the world's second-biggest listed fashion retailer, reported a larger-than-expected operating profit of 2.08 billion crowns ($196.3 million) for the December-February period, up from 725 million a year earlier. The company aims to reach a 10% operating profit over the course of this year. H&M's sales from March 1 to 25 increased by 2% in local currencies. The Swedish fashion retailer is known for its affordable clothing items, such as $19.99 jeans and dresses under $15, but also sells higher-priced items like leather trousers for over $300 and coats for as much as $1,190.
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