Hennes & Mauritz Q1 Profit Surges

Sweden's

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.