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H&M profit drops in Q4, still on track to open 275 stores
Stockholm, Sweden -- Swedish fast-fashion retailer Hennes & Mauritz reported Thursday that net profit for the fourth quarter dipped to $997.2 million from $1.1 billion in the year earlier period. Sales in December, the first month of H&M's fiscal first quarter, were up 13% year-on-year in local currencies, against a forecast 12%. Same-store sales were up 4%.
"Most indicators suggest that the macro-economic climate in many of our markets will continue to be tough during 2012," said CEO Karl-Johan Persson.
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Asda invests big in 2012
Asda, Walmart’s U.K. subsidiary, has big plans for 2012 that include investing more than £500m ($784 million) in its stores in 2012.
The company said it will invest the money in opening 25 new stores and three depots, as well as expanding and remodeling 43 of its existing stores. According to the company, this investment will create up to 5,000 new jobs in the United Kingdom. The company noted that current Asda associates would have the opportunity to enhance their careers through the company’s apprenticeship program.