Profit for the H&M Group halves during Q1 FY18

London - It has been a difficult start of the year in terms of sales for H&M Hennes & Mauritz AB Group. The Swedish fashion group previously reported that sales had declined in the first quarter and now profit has halved for the first quarter ending February 28, 2018. "As communicated previously, the start of the year has been tough," said Karl-Johan Persson, CEO of H&M Group in a statement. "2018 is a transitional year for the H&M group, as we accelerate our transformation so that we can take advantage of the opportunities generated by rapid digitalisation."