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General Views of Shops in London

Source: Ian West – PA Images / Getty

Months after H&M, the world’s second largest clothing retailer caught major flack for an ad deemed to be racist, the retailer posted their earnings report for Q1 and the results are steep. About a 60 percent drop in profits compared to Q4.

While many in the financial sector deem the sharp drop as acknowledgment of more people buying H&M items online, the weak demand of items from the main H&M stores ultimately harmed profits.

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