H&M Posts Drop In Q1 Profit

Hennes & Mauritz AB HNNMY reported a drop in its first-quarter net profit. H&M's quarterly net profit fell to 2.46 billion Swedish kronor ($380.43 million), from SEK2.74 billion, in the year-ago period. However, analysts were expecting a net profit of SEK2.51 billion. Its comparable store sales declined 3%, while sales including value-added tax surged to SEK33.15 billion from SEK32.50 billion. H&M's operating profit dropped to SEK3.13 billion from SEK3.53 billion, versus estimates of SEK3.17 billion. H&M shares closed at $6.97 yesterday.