STOCKHOLM (dpa-AFX) - Swedish retailer Hennes & Mauritz AB or H&M Group (HNNMY.PK, HMRZF.PK, HEN.L) reported that its profit for the second-quarter declined to 4.57 billion Swedish kronor from 4.64 billion kronor in the previous year. Earning per share declined to 2.76 kronor from 2.80 kronor in the prior year.
'As customer satisfaction and sales increase, the group has intensified its transformation work even further, which had a dampening effect on earnings development,' the company said in a statement.
But, net sales increased by 11 percent to 57.47 billion kronor from 51.98 billion kronor last year. Net sales increased by 6 percent from last year, in local currencies.
The company said it is accelerating its adaptation to customers' changed shopping patterns and has therefore revised the number of new stores downwards in favour of even more digital investments. The net addition of new stores for full-year 2019 will therefore be around 130, which is 45 fewer than previously communicated.
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