Hennes & Mauritz Posts Rise In Q2 Profit

Sweden's

reported an 11 percent gain in its second-quarter profit. Hennes & Mauritz's quarterly net profit surged to 6.45 billion Swedish kronor ($783.5 million), versus a year-ago profit of SEK5.81 billion. EPS rose to 3.90 kronor from 3.51 kronor. Its profit after financial items gained 10 percent to 8.44 billion kronor. Its sales, excluding VAT, rose to SEK45.87 billion from SEK37.83 billion. Its gross margin shrank to 59.4 percent from 60.8 percent. Hennes & Mauritz's sales from June 1 to June 23 climbed 14 percent year-over-year in local currencies. Hennes & Mauritz shares fell 0.85 percent to close at $8.19 yesterday.