SWEDEN: H&M Doubles Q1 Profit On Rising Sales
Swedish fashion retailer Hennes & Mauritz AB on Friday announced it more than doubled its first quarter pre-tax profits on the back of a 17 per cent leap in sales. The Stockholm-based company, which operates nearly 800 stores in 14 countries, said its net income soared 107 per cent to 1.18 billion crowns ($115.5 million) - well above city expectations of 928m crowns.