Hennes & Mauritz, the world's second-biggest fashion retailer, posted on Thursday a slightly bigger drop than expected in fiscal first-quarter pretax earnings and said it would open more stores this year than previously planned.
H&M, whose biggest rival is Zara owner Inditex, said it now planned to open around 350 new stores this fiscal year, compared with the 325 previously planned.
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Pretax profit in the December-February period was 3.23 billion crowns ($499.9 million), down from a year-earlier 3.70 billion and below a mean forecast in a Reuters poll of analysts for 3.26 billion.
(Reporting by Stockholm Newsroom)