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Sweden's
Hennes & Mauritz ABHNNMY reported a rise in its profit for the first quarter.
Hennes & Mauritz's quarterly net profit climbed 36% to 3.61 billion kronor ($423.2 million), versus a year-ago profit of 2.65 billion kronor. Earnings per share climbed to 2.18 kronor from 1.60 kronor. Analysts were expecting a profit of 3.37 billion kronor.
Its sales, including VAT, surged to 46.79 billion kronor from 37.52 million kronor, while sales excluding VAT rose 25% to 40.28 billion kronor from 32.14 billion kronor.
The company's operating profit surged 36% to 4.64 billion kronor, compared to 3.40 billion kronor.
The company announced its plans to open 400 stores this year.
Hennes & Mauritz's shares gained 2.11% to close at $8.23 yesterday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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