H&M Posts Upbeat Q2 Profit

Hennes & Mauritz AB

reported an upbeat second-quarter profit. H&M's quarterly net profit climbed to 5.22 billion Swedish kronor ($748.5 million), versus SEK4.26 billion, in the year-ago period. However, analysts were expecting a profit of SEK4.85 billion. Its sales gained to SEK31.66 billion from SEK27.63 billion. However, operating profit rose to SEK6.89 billion from SEK5.60 billion. H&M's sales at stores open more than a year gained 2%. H&M's shares closed at $6.55 yesterday.