Hennes & Mauritz Posts Lower Q2 Profit

Hennes & Mauritz AB HNNMY reported a drop in its second-quarter profit. H&M's quarterly net profit declined to 4.66 billion Swedish kronor ($723.14 million), versus SEK5.22 billion, in the year-ago period. However, analysts were expecting a net profit of SEK4.88 billion. Its sales, excluding VAT, dropped to SEK31.64 billion from SEK31.66 billion, while comparable store sales declined 4%. H&M shares closed at $6.96 yesterday.