H&M misses forecasts after spending spree

first_imgWednesday 28 January 2015 8:56 pm Express KCS Tags: NULL whatsapp HENNES & Mauritz posted lower than expected fourth quarter earnings yesterday as the Swedish fashion giant splashed out on new ranges and websites in its battle against increasing competition from rivals.The retailer said pre-tax profits for the three months to the end of November rose seven per cent to 7.8bn Swedish kronor (£600m), missing analysts’ average forecast of SEK 7.96bn, with sales up 17 per cent to SEK 42.6bn.H&M is investing in new ranges such as sportswear and wedding dresses, in order to protect its margins against price-cutting rivals.It is also expanding into new markets such as India, with plans to open 400 stores this year, as it seeks to reduce its exposure to sluggish European markets. More From Our Partners UK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Show Comments ▼ Share H&M misses forecasts after spending spree whatsapp last_img