H&M Posts Upbeat Q2 Profit
Hennes & Mauritz AB (OTC: HNNMY) 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.
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