H&M Bucks Trend with Strong Results

Fashion retailer H&M reported strong increases in sales and profits for the year to Nov. 30, 2007. Sales, excluding VAT, for the group were $12.3 billion, an increase of 15 percent in 2006. The like-for-like sales increase was 5 percent. Profit rose by 21 percent to $3 billion from $2.5 billion. Final-quarter sales excluding VAT, were $3.6 billion, up 17 percent from the 2006 figure of $3.1 billion.