Pursuits
H&M Profit Decline Misses Estimates on Rising Costs
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Hennes & Mauritz AB, Europe’s second-largest clothing retailer, reported a steeper drop in fourth-quarter profit than analysts had estimated as the rising price of cotton and the dollar’s strength eroded margins.
Net income dropped 11 percent to 5.49 billion kronor ($850 million) in the three months ended Nov. 30 from 6.15 billion kronor a year earlier, the Stockholm-based company said in a statement today. That missed the 5.98 billion-krona average estimate of 15 analysts polled by Bloomberg.