Swedish clothing retailer is left with backlog of clothing after weak sales in first quarter

H&M said price cuts and cold weather were to blame for a slump in profits at the start of the year, and warned more discounting would be needed to lift flagging sales at the fashion group.

Pre-tax profit at the Swedish clothing retailer plunged 61% to 1.26bn Swedish krona (£108m) in the first quarter ending 28 February, after weaker sales in previous months left it with a backlog of clothing to sell.

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