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Hennes & Mauritz says net profit rose 18 percent in the fourth quarter

Hennes & Mauritz says net profit rose 18 percent in the fourth quarter

Swedish fashion retailer Hennes & Mauritz AB said Thursday profit rose nearly 18 percent in the fourth quarter on increased sales and a strong local currency.
In the three months ended Nov. 30, net profit rose to 3.8 billion kronor (euro419 million; US$544 million), or 4.59 kronor (euro0.51; US$0.66) per share, compared to 3.23 billion kronor, or 3.90 kronor per share in the same period last year, the company said in a statement. Sales for the quarter rose 8 percent to 19.5 billion kronor (euro2.15 billion; US$2.8 billion).
H&M, one of Europe's largest clothing chains, also said it will introduce two new businesses in 2007 _ a home textiles online shop and catalog, and a new store chain called Collections of Style, featuring higher priced clothing items.
H&M said its home textiles business will start with an online shop toward the end of 2007, with initial sales to the Nordic countries, the Netherlands, Germany and Austria. An order catalog will also be sent out in the Nordics and the Netherlands, the company said.
The new store chain Collections of Style _ or COS _ will be launched this spring in the United States, Britain, Belgium, Germany and the Netherlands, with the first store opening up in March on London's Regent Street, H&M said.
In total, the Stockholm-based company said it plans to increase its number of stores by more than 10 percent during the year, adding about 170 new outlets, mostly in North America and Europe.
H&M currently has 1,345 stores in 24 countries.
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On the Net:
http://www.hm.com


Updated : 2020-12-03 16:40 GMT+08:00