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H&M results hit by strong dollar

Swiss-based Fashion giant H&M's results fell short of analyst estimates after Europe's second biggest clothes retailer's second quarter was hit by the effects of the stronger dollar.

Net income rose 11pc to SWK6.45bn (€575m) in the three months through May, Stockholm-based H&M said in a statement yesterday.

The strong US dollar is set to continue to affect the popular fashion retail chain's purchasing costs this year.