Hennes & Mauritz (H&M) AB, Europe’s second-largest clothing retailer, announced yesterday a 6% profit increase, beating 2nd quarter forecasts. Net income for the quarter ended May 31, 2009 jumped to EUR 379M, up from EUR 356M, a year earlier and ahead of analysts’ forecasts of EUR 375M.
H&M also stated that currency swings were becoming less costly as the Euro gained 17% vs. the Krona in the past year. However, focusing less on the numbers and more on the fashion, H&M signed a deal last week to have bags and shoes designed by luxury label Jimmy Choo.
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