H&M Posts Drop In Full-Year Profit

Hennes & Mauritz AB HNNMY reported a fall in its full year profit. H&M's net profit declined to 5.29 billion Swedish kronor ($613.3 million), from SEK5.36 billion, in the year-ago period. However, analysts were expecting a net profit of SEK5.09 billion. Its Q4 sales, excluding value-added tax, surged to SEK32.5 billion from SEK30.95 billion, while operating profit fell to SEK6.53 billion from SEK6.67 billion. H&M shares closed at $7.36 yesterday.