Swedish clothing retailer H&M reported a decrease in pre-tax profits for the period from June to August by 20% year-on-year to 4 billion 10 million kroons. Sales fell by 8% in the US, France, Italy and Belgium markets as a result of problems with the new logistics system in these countries, which increased H & M costs by approximately 400 million kroner. The growth of competition forced the company to begin reorganizing the chains of its stores and brands. However, on September 17, the company reported a 4%increase in sales in local currencies including VAT in June-August. H&M told investors that, despite the reduction of pre-tax profits, there was no need to further reduction in prices to eliminate unsold goods. Against this background, the company's shares rose by 10.28%.