H&M's sales grow 5% in fourth-quarter in local currencies
) said on Monday its sales rose 9% in the fourth quarter, putting it on course to increase annual profits for the first time in four years following heavy investment in online and other services to adapt to a changing market. Shares in the world's second-biggest apparel group were up 2% at 1000 GMT, outperforming the wider market in StockholmFILE PHOTO: People shop in the newly opened Hennes & Mauritz store in Moscow, March 13, 2009.
H&M said its sales in September-November, its fourth quarter, were held back by the Black Friday shopping day falling later this year. Rival Inditex , the world’s biggest clothing retailer and owner of the Zara chain, said last week its net profit grew 14% in the three months through October, helped by sales growth of 9% according to Reuters’ calculation and shrinking inventories.
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