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Stockholm, Sweden Hennes & Mauritz AB, Europe’s second-largest clothing retailer, reported Wednesday that net income for the third quarter rose 23%, but missed Wall Street expectations.
Net income climbed to U.S. $633 million in the quarter ended Aug. 31, compared with net income of U.S. $516 million a year earlier, H&M said. That missed the U.S. $677 million net income expected by analysts.
H&M cut its store-opening target for the year to 220 from 240, saying the development of some shopping malls had been halted because of the weak economy, mainly in southern Europe.
Total revenue for the quarter was U.S. $4.02 billion. Same-store sales rose 14% in August, the biggest increase since May 2008.
