-
H&M profit drops 18% on high costs; plans 178 new stores in second half
Stockholm, Sweden -- Hennes & Mauritz AB reported Wednesday that net income for its 2Q dropped 18% to $673 million, from $817 million in the year-ago period.
The Swedish fashion retailer blamed higher procurement costs and promotional offers for the lagging performance.
Sales edged up to $5.1 billion from $4.96 billion in the prior year quarter, but gross margin shrank to 61.7% from a previous 65.9%.
-
Guess? Marciano is retiring
LOS ANGELES — Guess? Inc. has announced that Maurice Marciano, the company's co-founder and chairman of its board of directors, has notified the company of his decision to retire as an executive officer when his current employment agreement expires on Jan. 28, 2012, the end of the company's current fiscal year. Marciano will continue to serve the company as non-rxecutive chairman of its board of directors.
