New Delhi, Mar 28 (ANI): H&M on Tuesday warned that high inventories will carry price cuts into the second quarter, after the clothing retailer reported a 61 percent plunge in first quarter profit hurt by price cutting. H&M had already warned it may not be pretty Markdowns due to weak demand in H&M’s main brand stores would hit earnings, it said in February. Then came a quarterly sales fall of two percent. And now the clothing retailer has reported a 61 percent plunge in first quarter profit to 154 million dollars. Inventories had risen by a bigger-than-expected seven percent. And attempts to adapt to shoppers moving online meant 2018 was becoming ‘a transition year’. H&M stock has fallen by more than a half since November 2016.