STOCKHOLM (dpa-AFX) - Swedish clothing major Hennes & Mauritz AB or H&M Group (HNNMY.PK, HMRZF.PK, HEN.L, HM-B.ST) reported Thursday slightly higher net profit for its second quarter, despite weak net sales.
Regarding the current trading, H&M group said its sales in local currencies in the month of June are expected to be on par with the same period last year.
In Stockholm, the shares were losing around 4.56 percent, trading at 161.00 kronor.
In the second quarter, net profit attributable to shareholders edged up to 3.986 billion Swedish kronor from 3.977 billion kronor last year. Earnings per share were 2.49 kronor, higher than 2.48 kronor a year ago.
Operating profit amounted to 5.913 billion kronor, compared to 5.914 billion kronor last year. Operating margin grew to 10.8 percent from prior year's 10.4 percent.
The latest results included one-time costs of 679 million kronor.
Adjusted operating profit increased 11 percent year-over-year to 6.59 billion kronor, corresponding to a margin of 12.0 percent, higher than 10.4 percent a year ago.
Net sales amounted to 54.83 billion kronor, down from 56.71 billion kronor last year. Sales in local currencies were fairly in line with last year, with around 3 percent fewer stores at the end of the quarter compared with the same point in time last year.
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