H&M shares hit decade low after cold snap and heavy discounting

High street fashion giant H&M has seen its shares hit a 10-year low after first-quarter profits tumbled following the recent cold snap and moves to slash prices to shift stock.

The Swedish group posted a slump in pre-tax profits to 1.3 billion Swedish krona (€127m) for the three months to February 28th, down from 3.2 billion Swedish krona ((€313m) a year earlier.