The profits of clothes chain Hennes & Mauritz in the first quarter was nearly 30 percent lower than last year – but still better than expected.
Profit before tax from December to February was at 3.3 billion Swedish kronor, the company informed Tuesday. In the same period in 2015, the result was 4.7 billion.
One reason for the decline is the previous year’s high dollar exchange rate. In addition, Hennes & Mauritz struggled to sell winter clothing after the warm autumn last year.
The analysts had expected in advance of the publication of the figures that the result would be even lower. The sales rose to 43.7 billion from 40 billion in the same period in 2015.
Source: NTB scanpix / Norway Today