H&M's profits down 20%

At the start of 2015, H&M was king of fast fashion.

It sold tee shirts for less than $10, shoes for less than $30, and its stock sold for more than $320 a share.

Those good times may seem like a distant memory for the Swedish retailer.

On Thursday, H&M announced that its third quarter net profit fell 20%. Its stock price, which has fallen steadily since 2015, was down 5% percent on the day.

The company said in its report that profits were hurt by deep markdowns on summer inventory....


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