H&M flags slow winter sales after Q4 profit rises more than expected [Yahoo! Finance]
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NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
Operating profit ?in H&M's fiscal fourth quarter, which includes the crucial Black Friday weekend, was 6.36 billion ?crowns ($723.5 million) against a year-earlier 4.62 billion and a mean forecast in an LSEG poll of analysts of 5.53 billion, on an organic sales increase of 2%. The operating margin widened to 10.7% from 7.4% a ?year ago. "Through a strengthened ?customer offering, good cost control and improved inventory productivity, we continue to take important steps towards all our long-term ?targets in a challenging environment" CEO Daniel Erver said in a statement. The rival to Zara-owner Inditex said it sees December and January sales measured in local ?currencies down 2%. It said strong sales during Black Friday in ?November led to subdued demand in December, and Chinese New Year falling in February also weighed. Analysts had expected sales to grow at a sluggish pace in the fourth quarter as consumers in many markets continue to hold tightly to their purses. H&M has st
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