Stockholm-based Hennes & Mauriz, Europe’s No. 2 clothing retailer, reported a better-than-forecast 14 percent rise in quarterly profit, to $650 million, as budget-conscious shoppers started buying summer clothes. “Stores in the low price segment are relatively better off,” said Evli Bank analyst Anders Wiklund. “People still need to buy clothes.” H&M buys 60 percent of its clothes in Asia, in dollars, and the greenback’s weakness versus the Swedish kronor also helped its bottom line. (Bloomberg)
The Bottom Line
June 18, 2008
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