September 27, 2018 / 6:21 AM / 25 days ago

H&M's Q3 pretax profit falls more than expected

STOCKHOLM, Sept 27 (Reuters) - Swedish fashion retailer H&M reported on Thursday a bigger fall than expected in fiscal third-quarter pretax profit as the implementation of a new logistics system weighed, and inventories grew.

Pretax profit in June through August shrank 20 percent to 4.01 billion crowns ($454.1 million) from a year-ago 5.02 billion, against a mean forecast in a Reuters poll of analysts for a 16 percent drop to 4.21 billion.

H&M said problems with the implementation of a new logistics system led to extra costs of around 400 million crowns and a sales drop of 8 percent in the United States, France, Italy and Belgium.

$1 = 8.8315 Swedish crowns Reporting by Anna Ringstrom

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