A shopper browses for clothes at the new Hennes & Mauritz (H&M) store in Glendale, Calif. May 2, 2008. THE CANADIAN PRESS/AP, Damian Dovarganes
September 27, 2012 - 2:22 AM
STOCKHOLM - Swedish fashion retailer Hennes and Mauritz says third-quarter profits edge up a tiny 1 per cent, noting that although summer sales of its clothing lines started out well, the European financial crisis and poor weather conditions in August restrained consumption more than expected.
It also said it plans to launch a new fashion brand next year.
Thursday's report showed a net profit of 3.6 billion kronor ($549 million) in the three-month period, up slightly from 3.59 billion kronor in the year-ago period.
Revenues came to 33.57 billion kronor, up from 31.51 billion kronor, but the gross margin shrank to 58.2 per cent from 58.6 per cent.
News from © The Associated Press, 2012