STOCKHOLM (Reuters) - Hennes & Mauritz, the world's third-biggest clothing retailer by sales, reported a bigger rise than expected in fourth-quarter pretax profit on Thursday but sales in December lagged forecasts.
The company said the outlook for future expansion was positive and said it planned to open 225 new stores in the new financial year, which runs from Dec 1. to Nov 30.
Pretax profits were 7.11 billion Swedish crowns ($891 million), compared with a mean forecast of 6.78 billion in a Reuters poll of 21 analysts and a year-earlier 6.22 billion.
Net sales in December rose 3 percent versus a forecast 8.6 percent rise. The company said it expects sales in January to rise 8 percent.
In stores open a year or more, December sales fell 7 percent versus a forecast 2.6 percent drop. H&M only gives whole numbers for the percentage change in sales and does not provide a currency figure.
