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  • H&M reported an 88% fall in profit for the year through to November on Friday on, the world's second biggest fashion group warned sales will continue to be hit.

  • The Swedish retailer said its full year pretax profit fell to $245 million hurt by restrictions on lockdowns.

  • Profits in its final quarter fell less than expected, though helped by large cost cuts.

  • H&M had already reported a 10% fall in sales for the fourth quarter.

  • But the group's CEO, Halina Hell Mason, said it's clear that when customers have the opportunity to shop, the collections are appreciated.

  • Sales in the first two months of its first quarter were down 23% as up to a third of H&M's around 5,000 stores were temporarily closed.

H&M reported an 88% fall in profit for the year through to November on Friday on, the world's second biggest fashion group warned sales will continue to be hit.

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