Hennes & Mauritz AB (HNNMY.PK) announced a profit for second quarter that decreased from the same period last year
The company's earnings came in at SEK3.977 billion, or SEK2.48 per share. This compares with SEK5.077 billion, or SEK3.15 per share, last year.
The company's revenue for the period fell 4.9% to SEK56.714 billion from SEK59.605 billion last year.
Hennes & Mauritz AB earnings at a glance (GAAP) :
-Earnings: SEK3.977 Bln. vs. SEK5.077 Bln. last year.-EPS: SEK2.48 vs. SEK3.15 last year.-Revenue: SEK56.714 Bln vs. SEK59.605 Bln last year.
Daniel Erver, CEO of Hennes & Mauritz, said: “The quarter’s result was negatively affected by higher purchasing prices as a result of a more expensive US dollar and higher freight costs, but also by the fact that we have continued to invest in the customer offering. Investments made to strengthen our customer offering and give customers even more value for money. The negative external factors that increased the costs of purchasing for the first half of the year are turning positive for the second half of the year.”
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