The Swedish clothing retailer Hennes and Mauritz has posted better than expected earnings for the fourth quarter last year, with a 21 percent rise in net profit, to 851 million US dollars.
H&M also reports sales went up by 13 percent during the first 26 days of the new year. Thanks to its geographic spread, low-price profile and new store openings, the company has weathered the economic downturn better than many rivals.
But CEO Karl-Johan Persson tells Swedish Radio News that he’s not satisfied. While turnover increased, sales fell short of targets.