STOCKHOLM (AP) — Swedish low-cost fashion brand Hennes & Mauritz AB says its fourth-quarter profit dropped about 10 percent to 3.5 billion kronor ($390 million) as consumers continued to shift to online shopping.
The Stockholm-based group says its quarterly sales increased by 12 percent to 56.4 million kronor ($6.22 million). Full-year sales came in at 210.4 billion kronor ($23.2 billion), up 5 percent.
Chief Executive Karl-Johan Persson said Thursday it had been a "challenging year" but that the company as changing to adapt to new customer habits, including more online shopping. He said "the company's transformation efforts are beginning to take effect."
